A major earthquake was seen in the prices of gold and silver in the country’s capital Delhi. Where gold prices fell by Rs 4800, while silver prices became cheaper by Rs 5300. According to experts, after the strengthening of rupee and decline in demand, there has been a decline in the prices of gold and silver. On the other hand, all eyes are fixed on the Fed policy meeting to be held on Friday. It is expected that the freeze button on interest rates can be pressed once again. Due to which there has been pressure in the prices of gold and silver. Let us also tell you what the prices of gold and silver have become.
Big fall in gold and silver
On Wednesday, the price of gold in the capital Delhi fell by Rs 4,800 to Rs 1.54 lakh per 10 grams, while the price of silver fell by Rs 5,300. Due to the strengthening of rupee and weakness in the global market, traders kept distance from precious metals. According to All India Bullion Association, the price of gold of 99.9 percent purity fell by Rs 4,800 to Rs 1,54,400 per 10 grams (including all taxes). In the last session it had closed at Rs 1,59,200 per 10 grams. There was a huge decline in the price of silver and it fell by Rs 5,300 to Rs 2,55,400 per kg (including all taxes). On Tuesday, silver closed at Rs 2,60,700 per kg. Experts say that domestic demand remained weak for the second consecutive day as investors were looking for better returns amid the boom in the equity market.
What are the experts saying?
HDFC Securities Commodity Senior Analyst Saumil Gandhi said gold prices declined on Wednesday as investors remained cautious ahead of several key US economic events, including the US Federal Reserve’s monetary policy decision. In the international market, spot gold was trading marginally lower at $ 4,327.54 an ounce, while silver fell 0.18 percent to $ 69.89 an ounce. Praveen Singh, Commodity Head, Mirae Asset Sharekhan said that spot gold is seeing stability ahead of the monetary policy decision of the US Federal Open Market Committee. Meanwhile, market participants are also keeping an eye on the activities ahead of the US-Iran meeting to be held on Friday. Jatin Trivedi, VP commodity and currency research analyst at LKP Securities, said any progress toward a formal agreement could reduce geopolitical uncertainty, while disruptions could revive demand for the precious metals.
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