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Gold Price Today: Gold and silver prices again fell in Delhi's bullion market on Thursday. Weak demand globally and the strengthening of the dollar have also affected the Indian markets. Gold fell by Rs 700 to Rs 77,050 per 10 grams, while silver fell by Rs 2,310 to Rs 90,190 per kg. This decline has continued for the fourth consecutive day, raising concerns among investors.
Gold prices have fallen for four days.
Gold prices have been falling continuously for the last four sessions. The price of 99.9% pure gold closed at Rs 77,750 per 10 grams in the last session, which has now come down to Rs 77,050. Similarly, gold of 99.5% purity reached Rs 76,650 per 10 grams. The main reason for this fall in price is the changing trend of global economic factors, which has affected the demand for gold.
The pressure increased due to the strength of the US dollar.
According to HDFC Securities senior analyst Saumil Gandhi, the US dollar has remained strong after the elections, reaching its highest level this year. The effect of this strengthening of the dollar is clearly visible in gold and silver because when the dollar strengthens, gold and other precious metals become less attractive to investors. This is the reason why the demand for gold has decreased and its prices have fallen.
Doubts over interest rate cuts lead to decline.
LKP Securities analyst Jatin Trivedi says that inflation is close to the target of 2%, which was expected to lead the US Federal Reserve to cut interest rates. However, the recent Consumer Price Index (CPI) data has raised doubts about this, which has increased the confusion over the reduction in interest rates. This development has also put pressure on gold prices, as the possibility of lower interest rates increases investment in gold, which now seems to be decreasing.
The global market also continues to decline.
The prices of gold and silver are falling in the global market as well. Gold futures on Comex fell 1.13% to $2,557.40 an ounce, which is the lowest level in two months. Similarly, silver has also fallen by 2.57% to $29.88 an ounce.
What should investors do?
Experts believe that investors should remain cautious at the moment and understand the market trend before investing in gold and silver. Price fluctuations may continue amid global uncertainty and fluctuations in the dollar, so it will be beneficial to invest wisely.
