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The continuously rising price of gold and silver finally came to a halt on Thursday. Gold and silver prices fell below record levels in the national capital. The price of gold of 99.9 percent purity fell by Rs 300 from its record high of Rs 81,500 per 10 grams to Rs 81,200 per 10 grams. According to a PTI report, the price of silver also fell by Rs 1,000 to Rs 1.01 lakh per kg on Thursday, breaking its six-day upward trend. The yellow metal of 99.5 percent purity fell by Rs 300 to Rs 80,800 per 10 grams on Wednesday as against its previous close price of Rs 81,100 per 10 grams.
According to the news, according to the All India Sarafa Association, the price of gold and silver fell due to weak demand from jewelers and weak uptake from industrial units and coin makers. Traders said that the prices of precious metals fell due to weak demand from jewelers in the local market, while strong global trends limited the losses to some extent.
How was the price in the futures market
On the Multi Commodity Exchange (MCX), the price of gold contracts for December delivery rose by Rs 549 to Rs 78,361 per 10 grams in futures trading. On Wednesday, the yellow metal had hit a new peak of Rs 78,919 per 10 grams. Gold prices remained in a positive trend as the dollar remained soft. After witnessing some selling pressure on Wednesday, gold rebounded sharply.
Know the expert’s opinion.
Jatin Trivedi, Vice President Research Analyst- Commodity & Currency, LKP Securities, said this correction highlights the strong underlying sentiment for gold, which continues to benefit from the broader macroeconomic environment, especially when the US dollar remains stable. Silver contracts for December delivery jumped Rs 1,465 or 1.51 percent to trade at Rs 98,425 per kg on MCX. In the international market, Comex gold futures rose 0.73 percent to $2,749.30 an ounce.
Gold and silver prices traded steady as market uncertainty over the US presidential election and continued tensions in the Middle East boosted safe-haven demand, said Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd. Comex silver futures rose by 1.72 per dollar to $34.42 an ounce in the Asian market.
