Gold prices fell by Rs 400 in the national capital Delhi on Wednesday due to frequent selling of stockists. Gold has now reached ₹ 1,00,020 per 10 grams, while it was ₹ 1,00,420 on Tuesday. According to PTI news, the All India Sarafa Association further stated that the price of 99.5 percent purity in the local market also reduced by Rs 350 to ₹ 99,700 per 10 grams (including all taxes), which was ₹ 1,00,050 on Tuesday.
Silver becomes 1500 rupees cheaper
Silver prices have also declined drastically on 20 August. On Wednesday, the price of silver declined by ₹ 1,500 to ₹ 1,12,500 per kg (including all taxes), while on Tuesday it was ₹ 1,14,000. Spot gold in foreign markets was trading at the USD at 3,326.04 an ounce with a slight increase, while the spot silver USD was about 1 percent at 37.07 per ounce.
Because of what fell gold
Soumil Gandhi, senior commodity analyst at HDFC Securities, said that US dollar was strengthened and US President Donald Trump’s President Vladimir Putin, Ukraine President Volodimir Jailonski and European leaders have declined after geopolitical stress after positive meetings. This has increased the expectations of investors that the ongoing struggle will be solved, which has become the main reason for the fall in gold prices.
Pressure increased on domestic market
Manav Modi, an analyst of Pris’s Metal Research of Motilal Oswal, said that the dollar index has reached a week’s highest level, while the USD/INR 87 level has fallen, leading to increased pressure on the domestic market. Investors are waiting for the minutes of the upcoming meeting of the Federal Reserve of the US, which is expected to get important information on monetary policy and the trend of prices of precious metals.
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