In Delhi, the capital of the country, there has been a huge fall in the price of gold. According to the data, gold fell by Rs 1,100. On the other hand, a fall of Rs 2,200 has been observed in the price of silver. If we talk about overseas markets, a huge fall is observed in the prices of gold and silver. On the other hand, a fall is also observed in the prices of gold and silver on the Multi Commodity Exchange. Let us also tell you what the price of gold has been from Delhi to New York.
Big drop in gold and silver prices.
Due to weak demand from jewellers, gold prices fell by Rs 1,100 to Rs 71,700 per 10 grams in the local bullion market in Delhi on Tuesday. In the last trading session, gold closed at Rs 72,800 per 10 grams. All India Bullion Association said silver prices continued to fall for the fourth consecutive session and today fell by Rs 2,200 and closed at Rs 82,000 per kg. In the last trading session, silver closed at Rs 84,200 per kg.
On August 2, silver price was quoted at Rs 86,000 per kg, after which its price fell by Rs 4,200 per kg in four sessions. Apart from this, the price of gold with 99.5 per cent purity fell by Rs 1,100 to Rs 71,350 per ten grams. Its previous closing price was Rs 72,450 per 10 grams. Market sources said that gold prices fell due to reduced demand from jewellers and retail buyers.
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According to Dilip Parmar, research analyst at HDFC Securities, domestic gold prices are expected to be supported by weaker rupee and physical demand ahead of the festive season. Parmar said global uncertainty, demand from central banks and low interest rates are good signs for gold prices.
Big drop in foreign markets too
Speaking of foreign markets, gold futures are trading at $2,433.90 per ounce, down $10.50 per ounce on the Comex market in New York. On the other hand, the spot gold price is expected to fall by $13.28 per ounce to $2,397.51 per ounce. On Comex, the spot silver price fell by 1.16 percent and was trading at $26.95 per ounce. The silver futures price is trading at $26.97 per unit, down 0.87 percent.
Gold and silver also fell on MCX
At the country’s futures market, Multi Commodity Exchange, silver price is trading at Rs 79,148 with a drop of Rs 450 at 7.25 pm. While during the trading session, silver also touched the lowest level of the day at Rs 78,311. However, on Tuesday, silver opened at Rs 79,822.
On the other hand, a major fall is also observed in the price of silver. At 7:30 pm, gold is trading at Rs 68,955 with a drop of Rs 354. During the trading session, gold also touched the lowest level of the day of Rs 68,851. However, in the morning, gold had opened at Rs 69,437.
