Gold prices were down on Tuesday in the national capital, Delhi. Gold prices fell by Rs 1,200 to Rs 1,00,170 per 10 grams. On the other hand, silver became expensive at Rs 100 and reached Rs 1,07,200 per kg.
According to the All India Sarafa Association, the decline was due to continuous sales by jewelers and stockists and weakness in the international market. In the last trading session, gold with 99.9 per cent purity closed at Rs 1,01,370 per 10 grams.
Secondly, gold with 99.5 per cent purity fell by Rs 1,100 to Rs 99,450 per 10 grams. Demand for gold has decreased due to lack of tensions between Iran and Israel and the possibility of a ceasefire. This has reduced the demand for gold slightly.
Soumil Gandhi, senior analyst at HDFC Securities, said, ” "Traders have now believed that there will be no direct battle between Iran and Israel and that both parties can find a way by communicating peacefully. The idea of gold in the market is diminishing." In short, when the atmosphere of danger is reduced, people also reduce investing in gold, which reduces the price of gold.
Despite the fall of gold, silver has become expensive. On Tuesday, the price of silver increased by Rs 100 to Rs 1,07,200 per kg. On Monday, its price was Rs 1,07,100 per kg.
Rahul Kalantri, Vice President of Mehta Equities, said, “People are now making profits at high prices and investing in metals like silver.”
Globally, gold prices have dropped. Spot gold prices dropped to USD 3,380.65 per ounce. Spot silver prices rose 0.44 percent to USD 36.47 per ounce. These figures show that investors around the world are currently cautious.
The market is now eyeing the Federal Reserve Bank of America’s meeting and some important economic data. In short, his eyes are on ‘Retail Sales’ and ‘Industrial Output’.
Abson Financial Services CEO says Chintan Mehta, "These figures will help us understand how strong the US economy is. If the weakness is seen, people will once again look at gold and silver."
