Delhi Delhi: Mixed trends were seen in the precious metals market in the country’s capital on Monday. Despite pressure in the overseas market, a sharp rise in silver prices was recorded due to strong buying by jewelers and stockists, while a fall in gold prices was seen.
According to the information, the price of silver in Delhi increased by Rs 6,800 to Rs 2,49,000 per kg. The main reason for this rise in the market is believed to be the increased purchases by local jewelers and stockists, which led to a sudden increase in demand.
On the contrary, gold prices declined. According to All India Bullion Association, gold of 99.9 per cent purity fell by Rs 2,000 to Rs 1,52,800 per 10 gram (including all taxes) from Thursday’s closing level of Rs 1,54,800 per 10 gram. This represents a decline of approximately 1.3 percent.
Experts say that the impact of ongoing global uncertainties and international market signals is clearly visible on domestic gold prices.
Saumil Gandhi, senior commodity analyst at HDFC Securities, said gold saw a decline in low trading volumes on Monday. He said market participants are assessing the potential impact of rising energy prices and uncertainty surrounding US-Iran talks.
According to analysts, factors like international geopolitical situation, fluctuations in crude oil prices and strength of the dollar are having a direct impact on gold prices. At the same time, there is an increase in demand for silver in the domestic market due to festivals and wedding season, due to which its prices have increased. Market experts believe
It is believed that the prices of gold and silver may remain volatile in the coming days also. The balance between global cues and domestic demand will decide the price direction going forward.
This sharp increase in silver prices is being considered important for both investors and jewelery traders, while the fall in gold is being seen as a temporary correction.
At present, the market is keeping an eye on international developments and upcoming economic indicators, which can affect the direction of precious metals in the coming times.
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