If you were planning to invest in gold or silver for a long time or buy jewelery for your home, then today can be a day of great relief for you. A big fall in the prices of precious metals was recorded in the bullion market of the national capital Delhi on Monday. There has been a huge reduction of Rs 5,000 in the price of silver in one stroke, while a softening in the prices of gold has also been seen.
What is today’s latest price?
During Monday’s trade, the price of gold of 99.9 percent purity fell by Rs 150 to Rs 1,50,650 per 10 grams. It is noteworthy that in the last session, the price of gold had closed at Rs 1,50,800 per 10 grams. At the same time, there has been a break in the rising prices of silver for the last four days. Silver price has slipped by Rs 5,000 from the previous closing level of Rs 2,45,000 per kg to now reach Rs 2,40,000 per kg (including all taxes).
The real reason behind the fall in prices
According to experts, global slowdown and strong dollar are being held responsible for this fall in the prices of gold and silver. Gaurav Garg, research analyst at Lemon Markets Desk, says that investors are currently keeping a close eye on the tense relations between America and Iran. Apart from this, the wait for important inflation data coming from America is also increasing alertness in the market, due to which investors are feeling some pressure.
What may lie ahead?
The effect of softening of gold and silver prices is clearly visible in the international markets also. Mirae Asset Sharekhan’s Commodity Head Praveen Singh said that the prices of metals in the foreign market have fallen due to the possible change in interest rates by the US Federal Reserve and the strengthening of the dollar. However, market experts believe that this decline will not last long. Gold prices may see a rise again in the coming weeks. The further movement of the market will completely depend on global economic data and the decisions of the US Federal Reserve.
Comments are closed.