Gold Price Today on 28th October 2024 : Amid weak trend in foreign markets, the price of gold fell by Rs 400 to Rs 81,100 per 10 grams in the bullion market of the national capital on Monday. All India Bullion Association gave this information. Gold of 99.9 per cent and 99.5 per cent purity had hit all-time high of Rs 81,500 and Rs 81,100 per 10 grams, respectively, on Saturday. However, silver remained steady at Rs 99,500 per kg. Meanwhile, on Monday, gold of 99.5 percent purity fell by Rs 400 to Rs 80,700 per 10 grams.
What is the reason for the decline in gold?
Traders said gold prices fell due to reduced demand from jewelers and stockists in the local markets amid a subdued trend in global markets. Meanwhile, the price of gold contract for December delivery fell by Rs 312 to Rs 78,220 per 10 grams in the futures trade of Multi Commodity Exchange (MCX). Jatin Trivedi, Vice President Research Analyst (Commodities & Currencies), LKP Securities, said, “Gold prices witnessed a decline earlier this week and COMEX also witnessed weakness as there were signs of easing of tensions in the Israel-Iran conflict. Profit booking was seen between Rs.
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Silver prices also declined
On the exchange, the price of silver contract for December delivery fell by Rs 585 to Rs 96,549 per kg. According to Motilal Oswal Financial Services Limited, silver will outperform gold in the medium to long term. In the next 12-15 months, silver will reach the target of Rs 1.25 lakh per kg on MCX and $ 40 per ounce on Comex. Globally, Comex gold futures fell 0.38 per cent to $2,744 an ounce.
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