Gold price today: Gold prices declined on Wednesday in Delhi’s bullion market. The price of gold has declined for the second consecutive day. Experts believe that the price of gold will fall further. Gold prices declined on Wednesday in the bullion market of the national capital Delhi. Due to weak global cues, gold fell by Rs 340 to Rs 87,960 per 10 grams. The price of gold on Tuesday was Rs 88,300 per 10 grams. Gold with 99.5% purity also increased by Rs 340 to Rs 87,560 per 10 grams, earlier Rs 87,900 per 10 grams. However, the price of silver rose by Rs 600 and reached Rs 97,200 per kg.
Why did the price of gold decline?
According to Jatin Trivedi, Commodity Expert of LKP Securities, both Comex (International Market) and MCX (Indian market) recorded a fall in gold prices. He said that there is pressure on gold. Gold may fall in a short time. Consumer Price Index (CPI) figures in the US are going to be released soon. This will determine the future possibilities of interest rates, which can affect gold prices.
What is happening in the international market?
In the international market, gold futures on comex declined by $ 26 to $ 2,906.60 an ounce. Comex silver futures fell 0.56% to $ 32.14 an ounce in the Asian market. HDFC Securities Commodity Expert Saumil Gandhi said that US Federal Reserve President Jerome Powell has denied immediate cuts in interest rates. This led to a decline in gold prices.
What can happen next?
If the interest rates in the US remain stable or rise, gold prices may fall further.
Silver prices may continue to fluctuate.
Gold prices may remain stable in the Indian market due to marriage and festivals demand.
If you are thinking of buying gold, then keep an eye on prices as there may be further changes in the market.
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