Gold price today: Gold prices continue to fluctuate. On Wednesday, the price of 99.9 percent purity in Delhi’s bullion market fell by Rs 700 to Rs 98,420 per 10 grams. Let us tell you that on Tuesday, its price rose by Rs 550 to Rs 99,120 per 10 grams. Apart from this, today the price of gold with 99.5 percent purity fell by Rs 600 to Rs 98,000 per 10 grams. On Tuesday, it closed at Rs 98,600 per 10 grams. Along with gold, the price of silver has also declined today. On Wednesday, the price of silver fell by Rs 800 to Rs 1,04,000 per kg. Whereas on Tuesday, the price of silver remained stable at Rs 1,04,800 per kg without any change.
Why did gold fall today
In July, the Federal Reserve saw the selling pressure in gold prices on Wednesday due to low expectations of interest rate cuts and strengthening of the US dollar. Sumil Gandhi, Senior Analyst (Commodity) of HDFC Securities, said, “The US dollar remains strong and is trading close to two weeks high. Market participants estimate that the Federal Reserve will maintain high interest rates given high import taxes and a possible decline in inflation due to the strong US labor market. ‘
The decline recorded in spot gold
Globally, the spot gold fell at $ 11.66, or 0.35 percent to $ 3289.81 an ounce. The Vice President (Commodity) Rahul Kalnist in Mehta Equities said, “Gold prices fell below $ 3300 an ounce due to the possibility of cutting US interest rates and new trade risks.” President Donald Trump refused to extend the high tariff rate from August 1. He has applied 50 percent tariffs on copper and 200 percent tariff on medicines. The artist said that these tariffs are expected to create a stir in the market. The decline in US inflation has reduced the possibility of the Federal Reserve being more relaxed.
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