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New Delhi: Due to mixed signals from the global market and caution of investors, gold and silver prices fell in the Indian bullion market on Thursday. Due to sluggishness in both the precious metals at the international level, a huge downward trend was seen in the domestic futures and spot markets today. On one hand, investors are waiting for the next step after the US inflation rate data, on the other hand, the movement of crude oil and upcoming economic data are also deciding the direction of the market. Today in Delhi and Mumbai, silver was sold at the price of ₹ 255 per gram i.e. approximately ₹ 2,55,000 per kilogram.

fall in gold prices

In the capital Delhi, 24 carat gold was trading at ₹15,528 per gram, while the price of 22 carat gold was recorded at ₹14,235 and 18 carat gold was recorded at ₹11,650 per gram.

Talking about the markets of Mumbai and Kerala, 24 carat gold remained stable at ₹ 15,513 per gram, 22 carat ₹ 14,220 per gram and 18 carat ₹ 11,635 per gram.

silver became cheaper

Today in Delhi and Mumbai, silver was sold at the price of ₹ 255 per gram i.e. approximately ₹ 2,55,000 per kilogram. Its prices were slightly higher in Chennai, where silver was seen trading at ₹260 per gram or ₹2,60,000 per kg. In the futures market, gold prices fell by ₹521 per 10 grams to ₹1,54,361, while silver prices fell by ₹1,480 per kg.

Impact of American statistics

This decline in domestic prices has occurred due to weakness in the international market. Globally, gold is trading 0.24 percent down at $ 4,456 an ounce, while silver is down 0.14 percent at $ 65.61 an ounce. In fact, gold prices were hovering near two-month highs following recent US inflation data. Now the keen eye of the market investors is fixed on the upcoming Producer Price Index (PPI) data of America. Only from these data it will be clear what stance the US Federal Reserve takes regarding interest rates in the future.

Crude Oil Prices and Silver 24 Hour Trading

Crude oil prices are also having a deep impact on the trend of precious metals. If there is any disruption in oil supply due to tensions in the Middle East, it may increase inflationary pressure at the global level. In such a situation, the central bank can keep the interest rates high for a long time, which will have a direct impact on gold and silver investment.

Meanwhile, a big news to the market is that CME Group is going to start 24-hour trading facility in 100 ounce silver futures contracts from the month of September. This historic decision will facilitate investors around the world to quickly change their strategies and trade in accordance with global developments. Due to sluggishness in both the precious metals at the international level, a huge downward trend was seen in the domestic futures and spot markets today. On one hand, investors are waiting for the next step after the US inflation data.