Gold Rate Today: Gold and silver prices fell on Wednesday in the country’s capital Delhi and other major markets. The price of gold came down for the second consecutive day, while the price of silver also recorded a sharp decline. In the Delhi bullion market, gold of 99.9% purity was cheaper by Rs 500 to Rs 98,870 per 10 grams. A day earlier, on Tuesday, it was Rs 99,370 per 10 grams. At the same time, gold with 99.5% purity fell by 400 to Rs 98,400 per 10 grams, which was Rs 98,800 on Tuesday. Silver also fell 1,000 to 1,11,000 per kg. Its price on Tuesday was Rs 1,12,000.
Gold and silver cheap in Indore too
The local market of Indore also saw a fall in prices. The price of gold here was reduced by 100 to Rs 97,900 per 10 grams, while silver reached Rs 1,11,500 per kg. The silver coin was priced at Rs 1,200 per nos.
Why do gold and silver prices fall?
According to All India Bullion Association and experts, the fall in prices is due to heavy selling by stockists. Investors are currently cautious and are waiting for US economic data. Jatin Trivedi, Commodity Expert of LKP Securities, said that the market is now monitoring major economic figures such as America’s productive price index (PPI) and unemployment claims.
How is it in the global market?
Gold prices saw a slight rise in markets around the world on Wednesday. Gold in the global market stood at $ 3,341.37 per ounce, a gain of $ 16.41 i.e. 0.49%. The reason behind this is the reason behind former US President Donald Trump’s threat to impose new fees.
The price of silver has also increased internationally to $ 38.05 per ounce. Carston Menke, who is a senior economist in Julius Bay, says that silver is now becoming a center of attraction among investors and its prices can go up to $ 39 per ounce.
Even though there is a rise in gold and silver globally, prices have come down due to domestic causes and selling pressure in the country.