Gold became cheaper for the second consecutive day, the price of silver decreased by more than 7 thousand rupees!
According to India Bullion Jewelers Association (IBJA), the price of 24 carat gold has decreased by Rs 2,055 to Rs 1,48,093 per 10 grams, which was earlier Rs 1,50,148 per 10 grams.
The price of 22 carat gold has decreased from Rs 1,37,536 per 10 grams to Rs 1,35,653 per 10 grams. The price of 18 carat gold has come down to Rs 1,11,070 per 10 grams, which was earlier Rs 1,12,611 per 10 grams.
Along with gold, there has been a decline in the prices of silver. The price of silver has decreased by Rs 7,497 to Rs 2,40,191 per kg, which was earlier Rs 2,47,688 per kg.
Along with spot, there was a decline in the prices of gold and silver in the futures market also. The gold contract for August 5, 2026 was at Rs 1,49,845 with a weakness of 2.62 percent and the silver contract for July 3, 2026 was at Rs 2,38,654 with a weakness of 5.22 percent.
A decline in the prices of gold and silver has also been seen in the international markets. Till the time of writing the news, gold on Comex was down by 2.75 percent at $ 4,260 an ounce and silver was down by 5.99 percent at $ 66 an ounce.
Jatin Trivedi of SKP Securities said that a huge fall in gold prices was seen after the policy announcement of the Federal Reserve. This is due to comments from new Fed Chairman Kevin Wersh indicating that if the US economy remains strong, interest rates may rise once in 2026.
He further said that despite recent geopolitical uncertainties, the Fed’s assessment pointed to stable economic growth and a strong labor market, which strengthened the dollar and weighed on bullion prices.
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