The price of gold has come down by Rs 105 to Rs 56,160 per 10 grams. In the last trading session, gold had closed at Rs 56,265 per 10 grams.
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On Tuesday, the price of gold fell by Rs 105 to Rs 56,160 per 10 grams in the bullion market of the national capital Delhi. HDFC Securities gave this information. In the last trading session, gold had closed at Rs 56,265 per 10 grams. Apart from this, the price of silver has also dropped by Rs 833 to Rs 68,725 per kg.
What is the reason for the decline?
An analyst at HDFC Securities said gold prices remained unchanged on Comex on Tuesday after hitting an eight-month high on Monday, mainly due to a fall in the US dollar. In foreign markets, gold was trading at $ 1,872 an ounce with an unchanged trend. At the same time, silver declined at $ 23.47 per ounce.
Navneet Damani, senior vice-president, commodity research, Motilal Oswal Financial Services, said gold prices are trading steady after rising around seven-week record highs. He further said that investors are mainly focusing on the US Federal Reserve Chairman Jerome Powell’s address, which may indicate the central bank’s interest rate hike stance.
Prices in futures trade
In futures trade, gold prices rose by Rs 10 to Rs 55,874 per 10 grams on Tuesday. On the Multi Commodity Exchange, the contracts for delivery in October were trading higher by Rs 10, or 0.02 per cent, at Rs 55,874 per 10 grams. This is for a business turnover of 13,067 lots.
With regard to the further rise in the prices of gold and silver, market experts say that in view of inflation, the way central banks are continuously increasing the interest, this has made gold shine. It can remain intact in the coming year as well. At the same time, in 2022, up to 15 percent increase in the price of gold has been seen.
Let us tell you that the attraction of Indians towards gold is famous all over the world. Even the direct effect of this attraction is seen on the gold business of the whole world and on the import bill of India.
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