Gold Price Today: Gold became cheaper for the fourth consecutive day, a sharp decline in silver- check out
Gold Rate Today: Gold prices declined for the fourth consecutive day on Monday due to frequent selling of stockists after the trade agreement between the US and the European Union. Today, gold with 99.9 percent purity in the capital Delhi fell by Rs 500 to close at Rs 98,020 per 10 grams. According to the All India Bullion Association, gold with 99.9 percent purity closed at Rs 98,520 per 10 grams on Saturday at Rs 98,520 per 10 grams on Saturday.
Silver price also declines big
Apart from this, today the price of gold with 99.5 percent purity also fell by Rs 500 to Rs 97,750 per 10 grams. It closed at Rs 98,250 per 10 grams in the last market session. Along with gold, there was a major decline in silver prices today. On Monday, silver prices declined by Rs 1000 to Rs 1,13,000 per kg. On Saturday, silver prices closed at Rs 1,14,000 per kg.
America announces trade agreement with European Union
In the global markets, spot gold and silver were trading stable at $ 3337.95 and $ 38.17 an ounce respectively. Jatin Trivedi, Vice President of LKP Securities, Research Analyst (Commodity and Currency) said, “Last week, gold was trading in a positive but stable range around $ 3335 an ounce due to strength in the dollar index.” The US has announced a trade agreement with the European Union, including 15 percent tariffs on most European goods entering the US market and the commitment of investing hundreds of billion dollars in the US industry by this group of 27 countries. This agreement is similar to the US-Japan Trade Agreement last week.
Why is the fall in gold prices falling
According to Soumil Gandhi, Senior Analyst (Commodity) of HDFC Securities, the price of gold remains stable due to trade optimism and strong vigilance between strong US dollars. Gandhi further said that the prices of bullion fell last week due to a decline in demand for safe investment properties amid decrease in tariff concerns. In addition, President Donald Trump reduced the market concerns about the freedom of the US Federal Reserve by reducing tension with Fed President Jerome Powell.
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