gold price in delhi
Gold and silver prices have declined for the second consecutive day. If we look at the figures, gold has become cheaper by Rs 3300 in two days. Where a fall of Rs 1800 was seen in the price of gold on Tuesday. Whereas on Wednesday a fall of Rs 1500 was seen in the prices. On the other hand, an increase of Rs 500 was seen in the price of silver on Wednesday. However, a big fall was seen in the price of silver on Tuesday and the price came down to below Rs 2.50 lakh.
According to experts, due to Middle East tension, there has been an increase in the price of crude oil and the crisis of inflation has arisen. Due to which there is pressure in the price of gold. Let us also tell you what the prices of gold and silver have become.
Gold prices fall for the second consecutive day
In the bullion market of the national capital Delhi, the price of gold fell by Rs 1,500 on Wednesday and stood at Rs 1.52 lakh per 10 grams. The fall was due to profit-booking as rising crude oil prices raised concerns about inflation ahead of the US Federal Reserve's interest rate decision. According to All India Bullion Association, however, silver prices registered a slight rise.
It increased by Rs 500 to Rs 2,44,500 per kg (including all taxes). On Tuesday it was at Rs 2,44,000 per kg. According to the Bullion Association, gold of 99.9 percent purity fell by Rs 1,500, or one percent, to Rs 1,52,800 (including all taxes) per 10 grams. In the last trading session, the price of gold was Rs 1,54,300 per 10 grams.
Why did gold become cheaper?
Bullion traders noted rising energy costs due to tensions in West Asia. Due to this, inflation may remain at a high level and central banks may be forced to keep their policies strict for a long time. Jatin Trivedi, Vice President (Commodity and Currency), Research Analysis Department, LKP Securities, said that gold trading remained weak on Wednesday, as continuous profit-booking and inflation concerns related to crude oil prices kept the prices of this precious metal under pressure.
He said that high oil prices are further strengthening the possibility that the US Federal Reserve may maintain a tight stance on its monetary policy. This will strengthen the dollar and limit the scope for rise in bullion rates.
I WGC report
Trivedi said traders are now focusing on the Federal Reserve's policy decision and Chairman Jerome Powell's comments to give them an indication of what officials are thinking about interest rates in the environment of ongoing uncertainty between the US and Iran.
According to the World Gold Council, during the January-March quarter, gold demand in India increased by 10 percent year-on-year to 151 tonnes. This increase was due to strong investment demand, despite high prices. In the international market, spot gold fell by $ 23.31, or 0.51 percent, to $ 4,573.75 an ounce, while silver fell by 0.18 percent to $ 72.99 an ounce.
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