In the country's capital Delhi, the price of gold was seen rising for the second consecutive day. Silver prices were seen rising for the second consecutive day. The special thing is that the prices of silver became cheaper by Rs 10 thousand in two days. Whereas an increase of Rs 2100 has been seen in the price of gold in two days. If experts die, there may be fluctuations in the prices of gold and silver in the coming days. Let us also tell you what the prices of gold and silver have become in the country's capital Delhi…
rise in gold prices
On Wednesday, gold prices in the national capital rose by Rs 1,300 to Rs 1.64 lakh for 10 grams. This increase is the effect of increase in foreign trade due to the ongoing tension between America and Iran. According to local market experts, the price of gold of 99.9 percent purity increased by Rs 1,300. At the time of market closure on Tuesday, its price was Rs 1,63,600 for 10 grams, which has now increased to Rs 1,64,900 (including all taxes) for 10 grams.
Let us tell you that in two days, an increase of Rs 2100 per 10 grams has been seen in the prices of gold. On Tuesday, an increase of Rs 800 per 10 grams was seen in the prices of gold. Traders said that despite rising bond yields in the US and a stronger dollar, resumption of buying in precious metals supported domestic gold prices.
Silver fell by Rs 10 thousand in two days
However, silver prices fell for the second consecutive session. Its price fell by Rs 5,000 to Rs 2,66,000 (including all taxes) for 1 kg. Market experts said that in the last session there was a fall of Rs 5000 in the price of silver and the price of silver had become Rs 2,71,000 per kg. This means that silver prices have seen a fall of Rs 10,000 per kg in two days. Analysts said silver prices remained volatile due to weak industrial demand and continued profit-taking after the recent sharp price fluctuations.
Gold and silver prices in international market
In the international market, spot gold was trading marginally higher at US $ 4,483.54 an ounce, while silver rose by more than 2 percent to US $ 75.42 an ounce. Brokerage firm Kotak Neo (earlier Kotak Securities) said that spot gold prices saw a rise on Wednesday. Precious metals got some support due to some softening in the recent heavy selloff in the bond market, although the prices did not rise much due to the US treasury bond yields remaining at high levels and the strengthening of the dollar.
What do experts say?
The firm further said that the focus of market participants remains on the ongoing conflict between the US and Iran and the delay in reopening the 'Strait of Hormuz'. Due to these reasons, concerns of rising inflation and expectations of implementation of strict monetary policy are continuously increasing across the world. According to Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, investors are waiting for the minutes of the 'Federal Open Market Committee' (FOMC) meeting to get new information about the direction of interest rates of the US Central Bank (Federal Reserve) and its short-term impact on bullion (gold and silver) prices.
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