Gold prices fell below Rs 79,000 per 10 kg in the national capital on Wednesday. Giving this information, All India Bullion Association said that the price of gold of 99.9 percent purity fell by Rs 150 to Rs 78,850 per 10 grams. Similarly, the price of gold of 99.5 per cent purity continued to fall for the third consecutive day and fell by Rs 150 to Rs 78,450 per 10 grams, compared to Rs 78,600 per 10 grams in the previous session, PTI reported. It closed at 10 grams.
Due to this reason gold became dull
According to the news, All India Bullion Association cited weak offtake by stockists and retailers amid weak global trends as the main reason behind this decline. Today, gold contracts for February delivery fell by Rs 93 to Rs 76,810 per 10 grams in futures trade on Multi Commodity Exchange (MCX). In the Asian market, Comex gold futures fell $4.90 an ounce, or 0.18 percent, to $2,663 an ounce.
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What do market experts say
Saumil Gandhi, senior analyst, commodities at HDFC Securities, said gold remained flat on Wednesday as traders continued to assess recent political developments and monetary outlook while awaiting the release of key US economic data in the coming week. Manav Modi, Commodity Research Analyst at Motilal Oswal Financial Services Ltd, said gold prices traded steady after marginal gains in Tuesday's session, while strong US employment data indicated a cautious stance towards rate cuts. Modi said geopolitical tensions in the Middle East as well as unrest in South Korea also encouraged some safe-haven investment.
Metal got support from appeal for safe investment
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