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Gold Price Today: Due to weakness in the international market and low industrial demand, gold fell by Rs 150 to Rs 77,900 per 10 grams and silver fell by Rs 500 to Rs 93,000 per kg. All eyes are on the Federal Reserve's policy.
Gold becomes cheaper, a decline of Rs 150
- Gold prices fell in the bullion market of the national capital Delhi on Wednesday.
- Gold of 99.9% purity: fell by Rs 150 to Rs 77,900 per 10 grams.
- On Tuesday it closed at Rs 78,050 per 10 grams.
- Gold of 99.5% purity: Closed at Rs 77,500 per 10 grams, down by Rs 150 from the previous session.
Silver also became cheaper, fell by Rs 500
- Silver prices also fell due to weak industrial demand.
- Silver price fell by Rs 500 to Rs 93,000 per kg.
- Silver was at Rs 93,500 per kg on Tuesday.
Impact of international markets
The softening of gold and silver prices across the world also affected the Indian market.
Comex gold futures: fell $6 to $2,625 an ounce.
Silver in the Asian market: Was trading 0.99% down at $31.38 per ounce.
What are the reasons for the fall in prices?
Federal Reserve's dovish stance
The US Federal Reserve is expected to cut interest rates. Due to this, investors are turning to other assets instead of gold.
Low industrial demand
Weak buying by coin makers and industries further pushed silver prices down.
Russia–Ukraine conflict
Amidst this tension, gold has got some support, but it was not enough to stop the fall.
The impact of local elections
The morning session of the Multi Commodity Exchange (MCX) remained closed due to the Maharashtra Assembly elections.
What do the experts say?
Commodity experts believe that prices have fallen due to the softening of monetary policy at the international level. However, tense situations like Russia-Ukraine and economic uncertainty can prevent gold prices from falling too much.
What to expect next?
Investors are keeping an eye on the statements of the Federal Reserve. The direction of the market will be decided by the reduction or increase in interest rates.
What matters to you?
- This fall can be an opportunity for investors to invest.
- This could be a good time for jewelry buyers as prices are relatively low.
With this decline, it is important to keep an eye on the market, as global events may impact prices further.
