Gold stopped on Monday due to the ongoing boom for 5 days. Gold prices slipped from a record high to Rs 1,02,520 per 10 grams in the bullion market of the national capital due to the selling of stockists amid reduced stress globally. According to the All India Bullion Association, gold with 99.9 percent purity rose by Rs 800 to Rs 1,03,420 per 10 grams on Friday.
Gold with 99.5 percent purity fell by Rs 900 to Rs 1,02,100 per 10 grams (including all taxes) on Monday. In the last session, it reached the highest level of Rs 1,03,000 per 10 grams. As of Friday, gold prices have increased by Rs 5,800 per 10 grams in five sessions.
Soumil Gandhi, Senior Analyst (Commoner), HDFC Securities, said, “The market started trading with a weak trend in gold due to low demand for traditional safe investment assets due to the encouraging attitude of the market.”
He said that in addition, geopolitical stress has decreased. The reason for this, President Donald Trump has agreed to meet Russian President Vladimir Putin in Alaska this week to discuss peace efforts related to Russia-Ukraine struggle.
Gandhi said that in addition to this, the clarification of the White House in relation to the 39 percent fee on gold rods also put pressure on gold prices. According to the All India Bullion Association, silver prices fell by Rs 1,000 to Rs 1,14,000 per kg (including all taxes) on Monday. On Friday, the price of silver closed at Rs 1,15,000 per kg.
By Friday, silver prices had increased by Rs 5,500 per kg in the last five days. In the global market, New York, gold fell by $ 40.61 to $ 3,358.17 an ounce in the spot market. AVP Kayanat Chanwala, in the Jens Research Department in Kotak Securities, said that gold declined by more than one percent, which led to a large extent of the previous week. The market was waiting for clarification after the Trump administration on Friday described the reports of fees on gold and other special products as ‘misinformation’. The spot silver fell 1.39 percent to $ 37.81 an ounce.
Angel Forest analyst Prathamesh Mallya said that the fee situation has created a global upheaval situation and if it grows, traders can see gold prices in international markets further and it can reach a level of $ 3,800 an ounce. Language edited by: Sudhir Sharma
