In the country’s capital Delhi, there was a break in the rise in gold prices for three consecutive days. There was a decline in the bullion market of Delhi on Friday. On the other hand, no change was seen in the price of silver. According to experts, due to less tension between America and Iran, there has been a decline in gold prices. On the other hand, the effect of a slight rise in the dollar was seen. If experts are to be believed, there may be fluctuations in the prices of gold and silver in the coming days.
Gold and silver prices in Delhi
On Friday, gold prices in the national capital fell by Rs 600 to Rs 1.64 lakh per 10 grams. The reason for this was that due to little progress in talks between America and Iran, purchasing of precious metals reduced, although traders are still cautious due to the tension around the Strait of Hormuz. According to local market experts, after three consecutive days of increase, gold of 99.9 percent purity became cheaper by Rs 600 to Rs 1,64,900 per 10 grams (including all taxes).
There was a slight decline in gold prices on Friday. Gaurav Garg, Research Analyst, Lemon Markets Desk, said that the recent fluctuations in the bullion market are mainly influenced by the ongoing geopolitical tensions, especially regarding US-Iran relations; Apart from this, fluctuations in the Indian rupee and changes in crude oil prices are also having an impact. However, silver prices remained stable at Rs 2,71,000 per kg in the bullion market.
Gold and silver in international market
In international markets, spot gold fell marginally to $ 4,522.32 an ounce, while silver slipped 1 percent to $ 75.87 an ounce. Praveen Singh, head of commodities at Mirae Asset Sharekhan, said spot gold was trading down at $4,522 an ounce on Friday as despite the easing of differences between Iran and the US, the nuclear issue and control over Hormuz still remain contentious.
Investors remain cautious
Meanwhile, Washington has warned that shipping through the Strait of Hormuz should remain toll-free. Due to this warning, investors remain cautious despite signs of diplomatic progress between America and Iran. The fall in bullion prices eased somewhat after US Secretary of State Marco Rubio said some progress had been made in talks, although he also cited the issue of control of Hormuz as a major hurdle.
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