Gold prices fell by Rs 1,200 to Rs 1,00,170 per 10 grams in the bullion market in the national capital on Tuesday due to continuous selling of jewelery vendors and stockists amidst weak global trends. The All India Bullion Association has given this information. In the last trading session, gold with 99.9 percent purity closed at Rs 1,01,370 per 10 grams. Gold with 99.5 percent purity fell by Rs 1,100 to Rs 99,450 per 10 grams (including all taxes). On Monday, it closed at Rs 1,00,550 per 10 grams.
“Gold declined on Tuesday, as the traders re -evaluated the possibility of a full regional war between Israel and Iran,” said Sumil Gandhi, Senior Analyst (Jens), HDFC Securities. This change comes after reports that suggest that Iran is actively trying to solve a diplomatic solution to resolve its growing struggle with Israel. ”
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“The possibility of a delicate ceasefire has promoted the perception of lethargy among gold traders,” he said, however, silver prices rose by Rs 100 to Rs 1,07,200 per kg (including all taxes) on Tuesday. Silver closed at Rs 1,07,100 per kg in the last trading session. Globally, the spot gold fell to $ 3,380.65 an ounce.
Rahul Kalnist, vice president of commodities of Mehta Equality, said, “Gold is doing negative business despite increasing struggle in West Asia and was seen by investors in this precious metal at a high level.”
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Meanwhile, the price of silver in international markets rose 0.44 percent to $ 36.47 an ounce. The artist said that silver prices have also come below the day’s high level before the US Federal Reserve monetary policy meeting. However, global uncertainty and stress can support the prices of precious metals.
Chintan Mehta, Chief Executive Officer of Abanse Financial Services, said, “On the Economic Front, investors will be monitored on US major economic data, including the May’s retail sales and industrial production data, to guess the strength of the US economy. Language edited by: Sudhir Sharma
