The price of gold decreased further in the national capital on Wednesday. According to the All India Bullion Association, the price of gold fell by Rs 300 to Rs 98,600 per 10 grams in the national capital on Wednesday. The precious metal of 99.9 percent purity was closed at Rs 98,900 per 10 grams on Tuesday. According to PTI news, the price of gold with 99.5 percent purity fell by Rs 250 to Rs 98,050 per 10 grams (including all taxes), while continuing the decline in the fifth consecutive season.
According to weak global trends, gold prices were seen to fall due to frequent selling of stockists. Meanwhile, silver prices also fell by Rs 1,100 to Rs 1,03,100 per kg (including all taxes) on Wednesday. The white metal closed at Rs 1,04,200 per kg in the last market session.
Gold in futures market today
Gold increased by Rs 274 to Rs 97,297 per 10 grams in futures trading on Wednesday. The gold contract with August delivery in the Multi Commodity Exchange increased by Rs 274 or 0.28 percent to Rs 97,297 per 10 grams. It traded for 13,447 lots. Analysts said that gold prices rose due to the fresh deal by the participants. Gold futures in New York increased by 0.26 percent to $ 3,332 an ounce at global level.
What do experts say
According to the news, Soumil Gandhi, Senior Analyst (Commodities) of HDFC Securities, said that there was a decrease in geopolitical concerns after the declaration of ceasefire between Iran and Israel, decreasing the demand for a safe-decoration and gold prices reached a two-week low. In the global market, the spot gold fell marginally to $ 3,322.56 an ounce. Experts say the investors will wait for the next major triggers, including Fed Chair Zerome Powell’s testimony, as well as US GDP data and core PCE Price Index, which are important indicators for the approach to the Fed’s interest rate.
The market will be focused on these things
Chintan Mehta, Chief Executive Officer of Absan Financial Services, says that the market will be focused on growing trade stress and rising geopolitical risks in the coming days, as these factors not only increase safe-cutting demand, but also maintain pressure on crude oil prices. Mehta said that any further increase can promote instability in commodity and global financial markets.
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