Gold Silver Rate: On Monday, gold and silver prices saw a strong rise in the bullion market of Delhi. Due to continuous purchases of jewelers and retail buyers, the price of 24 carat gold rose by Rs 550 to Rs 99,300 per 10 grams. Gold closed at Rs 98,750 per 10 grams on Friday. That is, gold has become expensive by Rs 2,760 per 10 grams since Wednesday last week. Gold of 99.5 percent purity rose by Rs 500 to Rs 98,800 per 10 grams (including all taxes).
Silver price
Talking about silver, there has also been a strong bounce in it. The price of silver increased by Rs 1,170 to Rs 1,00,370 per kg. It closed at Rs 99,200 per kg on the last trading day i.e. Friday.
Gold cheaper in international market
However, gold prices declined globally. The spot gold fell by $ 24.83 an ounce or 0.74 percent to $ 3,332.59 an ounce.
What is the reason for the fall in prices?
Rahul Kal Minister, Commodity Expert of Mehta Equality Limited, said that former US President Donald Trump has extended the deadline for imposing a 50% fee on European Union products till 9 July. This led to less uncertainty among investors and bullion received less attention as a safe investment, which made gold cheaper in the international market.
What can happen next?
Senior commodity analyst of HDFC Securities Soumil Gandhi said that investors are now eyeing the upcoming meeting of the US Federal Reserve on Wednesday. This can give indications about the cuts in interest rates in future, which will further affect gold prices.
While the prices of gold and silver have increased well in the domestic market, their prices are getting a decline internationally. Now investors are eyeing America’s economic policies and global conditions.
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