On Monday, gold prices fell by Rs 150 to Rs 1,50,650 per 10 grams in the bullion market of the national capital. Whereas silver remained at a loss of Rs 5,000. Due to weak trend globally and strong dollar, traders reduced the size of their deals in precious metals, leading to fall in bullion prices. The price of gold of 99.9 percent purity had closed at Rs 1,50,800 per 10 grams in the last session.
According to local traders, silver’s four-day rally stopped and it fell by Rs 5,000 to Rs 2,40,000 per kg (including all taxes) from Friday’s closing price of Rs 2,45,000 per kg.
Why are prices falling?
Traders said the market remained range-bound as investors balanced geopolitical risks in West Asia against a stronger dollar and expectations regarding the US Federal Reserve’s monetary policy. Gaurav Garg, Research Analyst, Lemon Markets Desk, said gold prices declined marginally in the domestic markets on Monday as investors weighed the complex situation in US-Iran relations and also awaited key inflation data from the US.
How will the prices be in future?
In international markets, spot gold and silver prices fell to $4,160.60 and $62.24 an ounce, respectively. Praveen Singh, head of commodities at Mirae Asset Sharekhan, said gold prices fell in foreign trade due to a stronger dollar as traders kept in mind the possibility of an interest rate hike by the US Federal Reserve this year. Experts believe that gold prices will rise again in the coming days. Market experts believe that the trend of gold may remain strong in the next week also. However, its direction will largely depend on the economic data coming from the major economies of the world including America and the signals related to the interest rates of the US central bank Federal Reserve.
Leave a Reply