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According to the All India Sarafa Sangh, gold of 99.9 percent purity in Delhi fell by Rs 400 to Rs 97,620 per 10 grams. Its price was Rs 98,020 on Thursday.
Huge fall in gold and silver
New Delhi: The prices of both gold and silver saw a huge fall. Gold fell by Rs 400 per 10 grams in Delhi's bullion market, while silver fell by Rs 2,500 per kg. In Indore too, gold became cheaper by Rs 550 and silver by Rs 800. This fall has come due to weak signals in the international market and the strict policy of the US Federal Reserve.
Gold price in Delhi
According to the All India Sarafa Sangh, gold of 99.9 percent purity in Delhi fell by Rs 400 to Rs 97,620 per 10 grams on Friday. Its price was Rs 98,020 on Thursday. At the same time, gold of 99.5 percent purity fell by Rs 300 to Rs 97,500 per 10 grams, which had last closed at Rs 97,800.
The price of silver also continued to decline and it fell by Rs 2,500 to Rs 1,09,500 per kg. On Thursday it was Rs 1,12,000 per kg.
Reason for decline: Fed's stance and strength of dollar
Jatin Trivedi of LKP Securities said that the main reasons are the US Federal Reserve not giving any indication of cutting interest rates and maintaining an aggressive stance. This has weakened the demand for gold as a safe investment. Saumil Gandhi of HDFC Securities said that the last trading day of the week was weak due to strength in the dollar and lack of demand at the global level.
International market situation
Globally, spot gold rose 0.12 percent to $ 3,294.31 an ounce, while silver fell 0.75 percent to $ 36.44 an ounce. Prices remained under pressure due to declining investor confidence and strengthening of the dollar index.
Gold and silver prices fell in Indore too
The effect of the fall was also seen in the local bullion market of Indore. On Friday, gold became cheaper by Rs 550 per 10 grams and stood at Rs 98,950. Silver became cheaper by Rs 800 and stood at Rs 1,11,800 per kilogram. The price of silver coin remained at Rs 1,200 per piece.
