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According to the All India Bullion Association, there was no change in the gold prices in the local market on Thursday. On the other hand, there was a sharp fall in the price of silver. Earlier, a fall in the price of gold was observed for two consecutive days and the price was reduced by Rs 1450. While a day earlier, an increase of Rs 200 was observed in the price of silver. According to experts, the effect of global market fluctuations is being felt in the local market. Let us also tell you what the gold and silver prices have become in Delhi.
gold crash
There has been no change in the price of gold in the national capital Delhi. So the prices will remain the same as the previous day. Earlier, a fall of Rs 350 was seen in the price of gold. While on Tuesday, the price had declined by Rs 1,100. At present, the price of gold is Rs 71,350 per 10 grams. remained stable, while silver prices fell by Rs 1,100 per kg. In the national capital, gold with a purity of 99.9 per cent and 99.5 per cent remained stable at Rs 71,350 and Rs 71,000 per 10 grams respectively. Silver prices fell by Rs 1,100 to Rs 81,100 per kg due to reduced consumption by coin makers and industrial units. In the last session, the metal closed at Rs 82,200 per kg.
Good signs of gold.
At the global front, gold was quoted at $2,396 an ounce on Comex, up $3 from the previous day. Meanwhile, silver was stable at $26.89 an ounce in the overseas markets. Dilip Parmar, Research Analyst at HDFC Securities, said that after sharp fluctuations in the last few days, gold is trading stable on Comex. Investors are leaning towards safe havens on risk-averse sentiments, while weakness in the dollar index and US Treasury yields augur well for gold prices.
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What is the Federal Reserve’s future stance?
According to Chintan Mehta, managing director of Abans Holdings, the prices of the yellow metal have remained stable because as the Federal Reserve (Fed) has indicated that it will cut interest rates, its non-performing assets are seen as a hedge against inflation. This fact makes it so attractive. The rising risk of geopolitical tensions has kept the fundamentals of the yellow metal strong. Mehta said that traders will be watching the speeches of the Fed members for further guidance on monetary policy.
