Gold-Silver Price : Gold and silver prices fell sharply in the national capital on Thursday due to sluggish demand from jewelers amid a weak global trend. Gold of 99.9 percent purity fell by Rs 800 to Rs 78,300 per 10 grams. It had closed at Rs 79,100 per 10 grams in the last trading session on Wednesday.
Read :- Gold-Silver Price: Gold fell flat, the price of 10 grams remained this much, the shine of silver also faded.
According to All India Bullion Association, bullion prices fell due to US Federal Reserve Chairman Jerome Powell's decision to cut interest rates. He said the Fed now forecasts only two quarter-percentage-point rate cuts by the end of 2025, down from his forecast of four rate cuts in September.
Silver prices fall by Rs 2000 per kg
Silver also fell by Rs 2,000 to Rs 90,000 per kg on Thursday. The previous closing price was Rs 92,000 per kg. On Wednesday, the price of gold of 99.5 percent purity fell by Rs 800 to Rs 77,900 per 10 grams, whereas earlier its price had closed at Rs 78,700 per 10 grams.
Meanwhile, gold contracts for February delivery fell by Rs 303, or 0.4 per cent, to Rs 76,350 per 10 grams in futures trade on MCX. Silver contracts for March delivery fell by Rs 1,630, or 1.8 per cent, to Rs 88,750 per kg.
Read :- Gold-Silver Price: Heavy fall in the prices of gold and silver for the third day, know what is today's rate.
Silver prices also fall in the global market
Comex gold futures fell $19.10 an ounce, or 0.72 percent, to $2,634.10 an ounce in the Asian trading session. Saumil Gandhi, commodities analyst at HDFC Securities, said that gold fell sharply after the Federal Open Market Committee (FOMC) meeting, as the Fed cut interest rates for the next year. The pace is indicated to be lower than previously estimated. In the international market, silver declined by 2.47 percent to $ 29.98 an ounce.
Abans Holdings Chief Executive Officer Chintan Mehta (Chitan Mehta, CEO, Abans Holdings) said that investors are waiting for the US weekly unemployment claims data to be released on Thursday, to assess the strength of the labor market, while On Friday, the focus will be on personal consumption expenditure (PCE) price index data. Participation in the bullion market has declined compared to previous levels, yet prices may strengthen as investors gradually increase their investments. Mehta said we expect gold prices to rise further, but any delay in additional interest rate cuts could lead to downside losses in the short term, creating opportunities for accumulation.
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