gold price
The fall of rupee has once again completely spoiled the budget of the common people. Where the rupee closed at a record low level on Tuesday. On the other hand, there was a tremendous increase in the prices of gold and silver. In the country's capital Delhi, gold prices rose by Rs 1,500 to Rs 1.56 lakh per 10 grams, and silver rose by more than 4 percent to Rs 2.77 lakh per kg. The main reason for this was the strong trend in the domestic market amid the huge fall in the rupee against the US dollar and the ongoing geopolitical tension. Let us also tell you what the prices of gold and silver have become in the bullion market of Delhi.
Tremendous rise in gold prices
According to the All India Bullion Association, gold of 99.9 per cent purity rose by Rs 1,500, or about 1 per cent, to Rs 1,56,800 per 10 grams (including all taxes), from Monday's closing price of Rs 1,55,300 per 10 grams. Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said that gold traded with gains in the domestic market, which was supported by weak Indian rupee and stable market sentiment. He further said that on Tuesday, the rupee fell by 35 paise and closed at an all-time low of 95.63 (provisional) against the US dollar, which continued to provide strong support to domestic gold prices.
Silver prices rise by Rs 12 thousand
Silver prices also rose by Rs 12,000, or 4.53 percent, to Rs 2,77,000 per kg (including all taxes). According to the association, in the last trading session this white metal had closed at Rs 2,65,000 per kg. Gaurav Garg, research analyst at Lemonn Markets Desk, said gold and silver prices rose on Tuesday as investors tried to understand the complex situation in relations between Washington and Tehran, and also awaited key US inflation data.
Gold and silver fell in foreign market
Meanwhile, in overseas markets, spot gold fell $42.33, or 1 percent, to $4,692.64 an ounce, while silver fell 3.04 percent to $83.49 an ounce. In international markets, spot gold was trading near $4,700 an ounce, down from a three-week high, and spot silver slipped below $85, brokerage firm Kotak Securities said. The reason for this was the pressure of strong dollar and rising treasury bond yields. The mood in the bullion market turned cautious after US President Donald Trump said that the ceasefire in Iran was “on life support”.
The statement came after Tehran rejected Washington's latest peace proposal, keeping geopolitical tensions and crude oil prices high. The brokerage firm said that going forward, persistent geopolitical risks and inflation uncertainty will remain supportive of bullion, while high levels of bond yields, a strong dollar and expectations of tighter policies related to the Federal Reserve will continue to limit the upside potential for bullion prices in the near term.
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