gold and silver A decline was recorded in the price today. Gold prices fell by Rs 80 to Rs 80,580 per 10 grams in the national capital on Tuesday amid weak global demand. Due to this, the trend of rising price of gold which had been going on for five days came to an end. On Monday, the price of gold closed at Rs 80,660 per 10 grams. Silver also fell by Rs 1,300 to Rs 91,700 per kg on Tuesday due to weak demand from industrial units and coin makers. In the previous session, silver had closed at Rs 93,000 per kg. The price of gold of 99.5 percent purity fell by Rs 80 to Rs 80,180 per 10 grams, which had earlier closed at Rs 80,260 per 10 grams.
Gold traded in a limited range
Jatin Trivedi, vice president research analyst (commodity and currency), LKP Securities, said MCX gold was trading in a tight range due to fluctuations between Rs 78,150-78,400. In contrast, Comex gold showed slight weakness and stood around $2,665. Saumil Gandhi, senior analyst-commodities at HDFC Securities, said gold prices declined on Tuesday, driven by rising US bond yields and rise in the US dollar. The Federal Reserve (Fed) is likely to cut interest rates less this year, as last week’s strong jobs market report supported rising US bond yields and the US dollar. The yield on 10-year US bonds hit a 14-month high on Monday. However, silver remained stable at $30.32 an ounce in the Asian market.
rise in gold futures prices
Gold prices rose by Rs 39 to Rs 78,205 per 10 grams in futures trade on Tuesday as speculators bought fresh deals amid strong spot demand. In the Multi Commodity Exchange (MCE), the price of the contract for delivery in the month of February increased by Rs 39, or 0.05 percent, to Rs 78,205 per 10 grams. Silver prices fell by Rs 253 to Rs 90,260 per kg in futures trade on Tuesday as traders reduced the size of their deals amid weak spot demand. On the Multi Commodity Exchange (MCE), the price of silver for delivery in March fell by Rs 253, or 0.28 percent, to Rs 90,260 per kg.
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