New Delhi.
On the beginning of the festive season and the auspicious occasion of Shri Krishna Janmashtami, there has been a big upsurge in the prices of gold and silver in the bullion and commodity markets. A strong rise was recorded in both the precious metals on Thursday, but as soon as the market opened on Friday, there was a big fall in the prices of gold and silver. Market analysts believe that the main reasons behind this sudden decline are profit-booking, strengthening of the US dollar and rising crude oil prices.
According to Indian Commodity Market (MCX) data, a huge fall of about Rs 1200 was recorded in the price of gold on Janmashtami on Friday, after which the price of gold fell to Rs 1,54,605 per 10 grams. At the same time, silver also disappointed the investors and its price fell by Rs 1600. After this breakdown, the price of one kg silver reached the level of Rs 2,39,525. According to experts, investors are eagerly waiting for the unemployment data coming from America, so that they can guess what decision the US Federal Reserve can take regarding interest rates in the coming time. Due to this uncertainty, investors insisted on profit booking.
Along with the domestic market, a sluggish trend is being seen in precious metals in the international market also. Globally, gold is trading around $ 4,518 an ounce and silver around $ 67.28 an ounce. However, unlike the futures market, the situation was slightly different in the retail bullion market, where gold and silver prices saw a slight rise. In the bullion market, the price of 24 carat gold rose by almost Rs 1000 to Rs 1,54,908 per 10 grams and the price of 22 carat gold was Rs 1,41,896. Similarly, the price of silver in the bullion market also increased by about Rs 2,400 to reach around Rs 2.35 lakh per kg. Due to this mixed effect on prices in the retail market on festival days, common buyers are also trying to understand the market trend.