On Thursday, there was finally a break in the continuously rising prices of gold and silver. Gold and silver prices fell below record levels in the national capital. The price of gold of 99.9 percent purity fell by Rs 300 from the record high of Rs 81,500 per 10 grams to Rs 81,200 per 10 grams. According to PTI news, the price of silver also fell by Rs 1,000 on Thursday to Rs 1.01 lakh per kg, breaking the six-day rising trend. The yellow metal of 99.5 per cent purity fell by Rs 300 to Rs 80,800 per 10 grams on Wednesday as compared to the previous closing price of Rs 81,100 per 10 grams.
The decline occurred due to these reasons
According to the All India Bullion Association, gold and silver prices fell due to weak demand from jewelers and weak offtake by industrial units and coin makers, according to the news. Traders said the precious metal prices fell due to weak demand from jewelers in the local market, while strong global trends limited the losses.
How was the price in the futures market?
In futures trade on Multi Commodity Exchange (MCX), the price of gold contracts for December delivery rose by Rs 549 to Rs 78,361 per 10 grams. On Wednesday, the yellow metal had reached a new peak of Rs 78,919 per 10 grams. Gold prices remained positive due to weak dollar. After seeing some selling pressure on Wednesday, gold rose sharply.
Know expert opinion
Jatin Trivedi, Vice President Research Analyst – Commodity & Currency, LKP Securities, said this improvement highlights the strong underlying sentiment for gold, which continues to benefit from the broader macroeconomic environment, especially as the US dollar remains stable. Silver contracts for December delivery were trading Rs 1,465, or 1.51 per cent, higher at Rs 98,425 per kg on MCX. In the international market, Comex gold futures rose 0.73 percent to $ 2,749.30 an ounce.
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