There was a terrible earthquake in the prices of gold and silver! Gold suddenly became cheaper by ₹ 4,800, silver also fell by ₹ 5,300

A huge and unexpected earthquake has been seen in the prices of gold and silver in the bullion market of the country’s capital Delhi. If you are also planning to buy gold or silver, then this news can bring a smile on your face. A huge fall of Rs 4,800 has been recorded in the prices of gold in Delhi markets in one stroke. Not only gold, but silver prices have also fallen by Rs 5,300.

According to market experts and experts, this huge fall in the prices of gold and silver has been seen due to the strengthening of the Indian Rupee and sudden decrease in demand in the local market. Apart from this, the eyes of all the investors in the global market are fixed on the important meeting of the US Federal Reserve (US Fed Policy) to be held on Friday. There is a strong expectation in the market that this time also there will be no change in interest rates and the ‘freeze button’ can be pressed. Due to this stance of the US Fed, huge pressure is being seen on the prices of precious metals.

Gold and silver became very cheap in Delhi bullion market

There was tremendous activity in the bullion market of the capital Delhi on Wednesday. Amid heavy selling pressure, gold prices fell by Rs 4,800 per 10 grams, while silver prices witnessed a major cut by Rs 5,300 per kg. Due to the strong rupee in the domestic market and weak signals from the international market, this time local traders and speculators completely stayed away from investing heavily in precious metals.

According to the official data released by All India Sarafa Association, the price of gold of 99.9 percent purity has fallen by Rs 4,800 to Rs 1,54,400 per 10 grams. Let us tell you that this rate includes all types of taxes. In the previous trading session (Tuesday), gold had closed at the level of Rs 1,59,200 per 10 grams.

On the other hand, the shine of silver also completely faded in this recession. Silver price fell drastically by Rs 5,300 and slipped to Rs 2,55,400 per kg (including all taxes). Earlier on Tuesday, the price of silver had closed at Rs 2,60,700 per kg. Market experts say that due to the ongoing record boom in the equity market, the inclination of investors has shifted from gold to shares, where they are looking for better and quick returns. For this reason, the demand for gold and silver remained very weak in the domestic market for the second consecutive day.

Know what the leading market experts are saying on this big fall.

HDFC Securities’ Commodity Senior Analyst Saumil Gandhi, while talking about this trend of the market, said that the main reason for the fall in gold prices on Wednesday is that global investors are making aggressive moves at this time. Investors have decided to exercise caution in the market ahead of the US Federal Reserve’s monetary policy decision and the release of several other major US economic data, leading to increased selling.

If we talk about the global market, spot gold (spot gold) was seen trading with a slight decline at $ 4,327.54 an ounce in the international market. At the same time, the price of silver in the international market also fell by 0.18 percent to $ 69.89 an ounce.

Praveen Singh, Commodity Head, Mirae Asset Sharekhan, while giving his opinion on this entire development, said that just before the monetary policy decision of the US Federal Open Market Committee (FOMC), a kind of stability and caution is being seen in spot gold. Along with this, big traders associated with the commodity market are keeping a close eye on every small and big activity before the very sensitive US-Iran meeting to be held on Friday.

VP Jatin Trivedi, Commodity and Currency Research Analyst, LKP Securities, said an important thing while analyzing this geopolitical situation. He said that any progress towards a formal or peace agreement between the US and Iran could significantly reduce the ongoing geopolitical uncertainty globally, which could cause gold prices to fall further. However, if there is any obstruction or impasse in these negotiations, the demand for precious metals as a safe haven investment could once again skyrocket and prices could rise again.