Gold and Silver Prices: There was a huge fall in the prices of gold and silver in the bullion market of Delhi on Wednesday. Today in the bullion market, gold prices fell by Rs 4,800 to Rs 1.54 lakh per 10 grams, while the price of silver fell by Rs 5,300. Traders stayed away from precious metals amid strong rupee and weak global trend. According to the All India Bullion Association, on Wednesday, the price of gold of 99.9 percent purity fell by Rs 4,800 to Rs 1,54,400 per 10 grams in Delhi’s bullion market. On Tuesday it closed at Rs 1,59,200 per 10 grams.
Heavy fall in silver prices by Rs 5300
Like gold, today silver also saw a huge fall and its price fell by Rs 5,300 to Rs 2,55,400 per kg. On Tuesday, the price of silver closed at Rs 2,60,700 per kg. Market experts said domestic demand remained weak for the second consecutive day as investors looked for better profits amid a strong stock market.
Why did gold prices fall today?
Saumil Gandhi, Senior Analyst (Commodity), HDFC Securities, said gold prices declined on Wednesday as investors adopted a cautious stance ahead of several big and important US economic events, including the US Federal Reserve’s monetary policy decision.
Slight decline in gold and silver prices in the international market
In the international market today, 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, “Spot gold is seen to be stable ahead of the monetary policy decision of the US Federal Open Market Committee.”
Important meeting of America and Iran to be held on Friday
Meanwhile, market participants are also keeping an eye on developments ahead of the US-Iran meeting on Friday. “Any progress towards a formal agreement could reduce geopolitical uncertainty, while disruptions could revive demand for the precious metals,” said Jatin Trivedi, vice president (commodity and currency), LKP Securities.
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