Gold Price Falls ₹700, Silver Drops ₹2,000 in Delhi: Check Latest Rates and Market Outlook
Gold prices fell by Rs 700 in Delhi, and silver also fell by Rs 2,000. Global selling, improved crude oil prices, and profit-booking put pressure on the bullion market. Find out what experts say and what will happen next.
The prices of gold were down by Rs 700 in the national capital on Tuesday. The investors seemed cautious with respect to the global sell-off and better crude oil prices. The prices of silver were also down by Rs 2,000, resulting in a fall in the bullion market.
According to the All India Bullion Association, the gold of 99.9% purity was down to Rs 1,41,800 per 10 grams. This was Rs 700 below Monday's close price of Rs 1,42,500 per 10 grams. This fall was inclusive of all taxes. The price of silver was also down after being stable in the last session. It fell to Rs 1,84,000 per kg. In the previous session, the price of silver was Rs 1,86,000 per kg. So, there was a fall in the price of silver by Rs 2,000 per kg. This fall was inclusive of all taxes.
As per Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, the gold prices fell due to weak global cues and better crude oil prices in the international markets. According to Jatin Trivedi, VP Research Analyst, Commodities and Currency, LKP Securities, continuous profit-booking by the traders resulted in a fall in the price of the bullion market. This selling pressure pushed the price near the oversold level. Investor caution was also a major reason for this decline.
