Gold, Silver Price Today:The trend of falling gold prices continued on Tuesday also. In the national capital, gold fell by Rs 200 to Rs 79,000 per 10 grams. However, a big jump was seen in the silver market and its price increased by Rs 2,400 to Rs 92,400 per kg. Let us know the reason behind this fluctuation and the market situation.
fall in gold prices
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99.9 percent pure gold The price was Rs 79,200 per 10 grams on Monday, which came down to Rs 79,000 on Tuesday.
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99.5 percent pure gold The price also decreased by Rs 200 to Rs 78,600 per 10 grams.
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Movement in future trade: On the Multi Commodity Exchange (MCX), gold contracts for February delivery registered a rise of 0.19% and were trading at Rs 76,833 per 10 grams.
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Big jump in silver prices
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A jump of Rs 2,400 was seen in silver prices, due to which its rate increased from Rs 90,000 to Rs 92,400 per kg.
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On MCX, silver contracts for March delivery are trading 1.38% higher at Rs 92,061 per kg.
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In the Asian market, silver rose by 1.93% to US $ 31.46 an ounce.
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Global market situation
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Gold status on COMEX:In the global market, gold futures prices rose by US $ 7.40 or 0.28%, and reached US $ 2,665.90 an ounce.
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silver in asian marketIt increased by 1.93% to US $ 31.46 per ounce.
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What are the global and domestic factors?
1. Dollar effect
Due to the strengthening of the US dollar, pressure was seen on gold prices. US President Donald Trump’s threat to impose new tariffs on BRICS countries weakened the currencies of these countries and strengthened the dollar.
2. Economic and political events
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The ceasefire between Israel and Hezbollah reduced safe haven demand for gold.
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Tension between Russia and Ukraine maintained some volatility in the market.
3. US economy signals
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US manufacturing PMI data was better than expected, which further strengthened the dollar.
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The Governor of the Federal Reserve hinted at cutting interest rates in December, which had a positive impact on the market.
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What is the opinion of experts
According to Manav Modi, Commodity Research Analyst, Motilal Oswal Financial Services, “Gold and silver prices are facing huge fluctuations since the last session. The pressure of strengthening US dollar is clearly visible on gold. This situation arose after US President Donald Trump threatened to impose duties on BRICS countries. Trump’s comments weakened the currencies of these countries, which strengthened the dollar.”Modi also told that“The demand for safe haven buying of gold has weakened due to the ceasefire between Israel and Hezbollah. However, due to tensions between Russia and Ukraine, some safe haven buying is still seen in the market.”
US manufacturing PMI data better than expected
Abans Holdings CEO Chintan Mehta says“US manufacturing PMI data was better than expected, which further strengthened the US dollar. Federal Reserve Governor Christopher Waller said on Monday that due to falling inflation and strong labor market, the possibility of cutting interest rates in December remains. “These factors have kept gold prices stable.”
The fall in gold prices and rise in silver prices have been affected by global events and the strengthening of the US dollar. While rising industrial demand for silver has lifted it, gold has remained weak as a safe haven. It is important for investors to understand that global political and economic events are determining the direction of the market. It is important to keep these events and factors in mind before investing in the market.
