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Gold Price Today: Gold prices fall, the price is Rs 8500 less than the record high, know the new rates

Gold/Silver Price Today: Today gold prices remained in a limited range while silver prices registered a fall.

By the end of FY22, gold may go up to the level of 52 thousand

Gold/Silver Price Today: On Tuesday, the second trading day of the week, the prices of gold and silver declined. In the domestic market today, gold and silver prices are trading in a limited range on flat global rates. On Tuesday, February futures gold prices fell 0.17 per cent per 10 grams on the Multi Commodity Exchange (MCX). Whereas March futures silver fell by 0.14 per cent per kg. In the previous session, gold was flat while silver fell 0.5 per cent.

In global markets, gold prices remained in a narrow range on a firmer US dollar and higher US Treasury yields. Due to this, its safe-haven demand was affected. Spot gold traded marginally higher at $1,778.79 an ounce. Among other precious metals, silver fell 0.2 per cent to $22.31 an ounce.

New Rates of Gold and Silver (Gold Silver Price on 7 December 2021)-

On Tuesday, February futures gold fell by Rs 82 to Rs 47,832 per 10 grams on the Multi Commodity Exchange. At the same time, the price of March futures silver slipped by Rs 78 to Rs 61,192 per kg.

By the end of FY22, gold may go up to the level of 52 thousand

Anuj Gupta, Vice President, Commodity and Currency Trade, IIFL Securities said, “Triggers such as US Fed’s neutral stance on interest rate hike and rising industrial demand are already there to support the rally in gold prices.” . But, after the news of Omicron virus, a sharp jump in gold prices is expected in the short term.

Keeping the stop loss at Rs 46,900 per 10 level on MCX, one can buy gold at the level of Rs 47,500 to Rs 47,700 per 10 grams for a short term target of Rs 48,700. In a month, we can see that the gold price can touch the level of Rs 49,700.

He said, by the end of the current financial year 2022, the price of gold can go up to Rs 52,000 per 10 grams. In the international market, gold can go up to $ 2,000 an ounce by the end of 2022.

gold price in bullion market

On Monday, there was a rise in the price of gold in the bullion market. In Delhi, gold rose by Rs 29 to Rs 46,974 per 10 grams. However, silver fell by Rs 149 to Rs 60,137 per kg.

Gold prices are trading weak with spot gold prices on Comax trending. A stronger dollar raises the cost of gold for buyers holding other currencies, while higher yields raise the opportunity cost of bullion.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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