Gold Silver Price: Huge fall in the price of gold and silver before Dhanteras, know the new market price

New Delhi : There has been a huge fall in the prices of gold and silver in the bullion market of the national capital due to sluggish demand from jewelers and retailers. On Friday, October 25, the price of gold fell by Rs 1,150 to Rs 80,050 per 10 grams, while the price of silver fell by Rs 2,000 to Rs 99,000 per kg.

According to All India Bullion Association, the price of gold of 99.5 percent purity fell by Rs 350 to Rs 80,450 per 10 grams, while the price of gold of 99.9 percent purity fell by Rs 1,150 to Rs 80,050 per 10 grams. Earlier on Thursday these prices were Rs 80,800 and Rs 81,200 respectively.

Businessmen said this

Traders believe that gold prices have been negatively impacted due to weak demand from jewelers in the local markets and weak trend in overseas markets. On the Multi Commodity Exchange, the price of gold for December delivery fell by Rs 406 or 0.52 percent to Rs 77,921 per 10 grams. Similarly, silver for December delivery fell by Rs 1,134, or 1.17 per cent, to Rs 95,898 per kg.

Globally, gold futures fell by $ 15.90 an ounce or 0.58 percent at $ 2,733 an ounce in the commodity market. According to Saumil Gandhi, senior analyst at HDFC Securities, “The fall in gold has come due to US macroeconomic data, which showed that the US Federal Reserve will not cut the policy rate sharply.”

Gandhi said the continued decline in unemployment claims in the US reflects the strength of the labor market, while the rise in S&P PMI is a sign of the strength of the private sector. However, demand for safe haven investments and hopes of an improvement in India's retail demand for the upcoming festivals limited losses. In the Asian market, silver fell 1.39 percent to $ 33.33 an ounce. These figures have increased concern among gold and silver traders.

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