Gold Price: Gold and have become so cheap, how was the stir in silver, know today’s sentiment
Gold prices decreased for the second consecutive day on Friday due to the decrease in global trade stress and softening of gold as an alternative to safe investment. In the national capital Delhi, the price of gold with 99.9% purity fell by Rs 500 to close at Rs 99,120 for 10 grams. According to PTI news, according to All India Sarafa Association, the price on Thursday was Rs 99,620 per 10 grams. At the same time, gold with 99.5% purity also fell by Rs 500 to Rs 98,750 per 10 grams (including all taxes), which was earlier Rs 99,250.
Silver prices remained stable
Silver prices in domestic markets remained stable on Friday and remained at Rs 1,15,000 per kg (including all taxes) as per All India Bullion Association. However, globally silver prices fell 0.35 percent to $ 38.92 an ounce. Soumil Gandhi, senior commodity analyst at HDFC Securities, said that the strength of US dollar behind the fall in gold prices, reduction in tariff related concerns and the decline in expectations of interest rate cuts by the US Federal Reserve are the main reasons, which is affected by the strong employment market.
Gandhi also stated that the US has signed a trade agreement with Japan and there is a possibility of agreement between the US-EU as well. In addition, the US also expects a trade agreement with India, Mexico and Brazil, which can put pressure on the sale of precious metals.
Demand for safe investment of gold weak
In the international market, gold prices fell by US $ 20.72, or 0.62 percent to $ 3,347.94 an ounce. Jatin Trivedi, Vice President and Research analyst of LKP Securities, said the expectations of tariff agreements with American trade partners such as Japan and the European Union have weakened the demand for safe investment of gold. These events can maintain volatility in gold prices, especially when prices are at high levels. Now everyone’s eyes are on the decision of the US Fed next week, which will be important for the price of precious metals.
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