Delhi: A huge fall was recorded in the price of silver in the national capital Delhi, while gold rose strongly and continued to attract the attention of investors. According to All India Bullion Association data, the white metal silver fell by a huge Rs 7,500, a decline of about 3 per cent. Silver, which closed at ₹2,72,000 per kg on Monday, fell to ₹2,64,500 per kg (including all taxes) on Tuesday.
gold price
At the same time, gold of 99.9 percent purity rose by ₹ 2,200 or 1.4 percent to ₹ 1,60,700 per 10 grams (including all taxes). In the last trading session its price was ₹ 1,58,500 per 10 grams. Traders said that gold remained strong for the second consecutive day, the main reason behind which was continuous buying by jewelery manufacturers and investors.
What do experts say?
HDFC Securities Senior Analyst Saumil Gandhi said that gold was trading with a slight rise on Tuesday. Traders are now waiting for new macroeconomic signals. He further said that gold and silver prices are showing fluctuations in a wide range, and the market may go into a consolidation phase in the near future.
How was the trend in the international market?
There was a mixed atmosphere in the international market also. Spot silver fell by US$1.13, or 1.37 per cent, to US$82.16 an ounce. At the same time, gold was trading with a slight fall around US $ 5,052.43 per ounce. Jatin Trivedi, Vice President and Research Analyst, LKP Securities, said that market investors are now eagerly waiting for key US economic data – like retail sales data, unemployment rate.
The release of these data may increase market volatility, as they will directly impact the Federal Reserve’s monetary policy and the short-term direction of the bullion market. Overall, gold continues to have a strong buying trend, keeping it a favorite as a safe haven investment. On the other hand, silver is currently under pressure with expectations of improvement. Investors are keeping a close eye on global economic cues, dollar movement and domestic demand.
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