There has been a huge drop in silver prices in the bullion market in the country’s capital, Delhi. According to information, the price of silver has dropped by Rs 2,000. On the other hand, no changes have been observed in gold prices. According to experts, after the reduction in American interest rates, gold prices received great support and expectations increased that the cuts will continue in the coming days, but in the meantime a new type of debate has begun. After all, what will be the result of this cut? Due to which there has been pressure on gold and silver prices. Let us also tell you what gold and silver prices have become in the country’s capital, Delhi.
Fall in silver price in Delhi
According to the All India Bullion Association, gold remained unchanged at Rs 78,300 per 10 gram on Monday in the Delhi bullion market. After nine consecutive days of rise, gold hit its all-time high of Rs 78,300 per 10 grams on Friday. However, silver’s three-day bullish trend halted in local markets on Monday and fell by Rs 2,000 to Rs 92,500 per kg. At the last closing price, silver had closed at Rs 94,500 per kg.
Jaffa Gold Prices on MCX
In Multi Commodity Exchange (MCX) futures trading, the price of gold for October delivery rose by Rs 42, or 0.06 percent, to Rs 74,900 per 10 grams. On the exchange, the silver contract price for December delivery fell by Rs 586, or 0.64 percent, to Rs 90,812 per kg. Last week, gold hit an all-time high of $2,708.70 an ounce due to a significant drop in consumer confidence, raising expectations of more aggressive rate cuts by the US Federal Reserve. However, in international markets silver fell 0.30 percent to $31.72 an ounce.
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What do the experts say?
Kainat Chainwala, AVP (assistant vice president) of commodities research at Kotak Securities, said the weak inflation data raised expectations of an interest rate cut, but at the same time it also started debate over its magnitude. Chainwala said geopolitical tensions, especially the ongoing conflict between Israel and Hezbollah, have led to increased investment in gold as a safe haven asset. According to experts, the Federal Reserve could reduce interest rates again by 0.50 percent at its November meeting.
