Gold and Silver Price: Due to fluctuations in US bond yields, gold and silver prices have also declined in the domestic bullion market. Last week, gold prices fell by ₹3,000 per 10 grams, while silver prices fell by ₹14,000 per kilogram.
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Gold and Silver Price: Due to the Iran crisis, gold and silver prices in the global market continued to fluctuate last week. This pressured gold and silver prices, and gold once again fell below ₹1.60 lakh per 10 grams. The price of gold in the Delhi bullion market fell to ₹1.59 lakh per 10 grams. This week, gold prices fell by ₹3,000 and silver by nearly ₹14,000.
According to bullion traders, the price of 99.9 percent pure gold fell by Rs 400 to Rs 1,59,900 per 10 grams (including all taxes), after reaching Rs 1.60 lakh a day earlier. This decline came after a highly volatile week, in which the price of the precious metal rose and fell in almost every session. This created uncertainty among investors throughout the week.
Gold prices fell by ₹3,000 last week
, or about 2%, reflecting the uncertainty in the precious metals markets. Silver prices fell even more sharply this week, continuing their decline for the third consecutive session, dropping ₹5,000 to ₹2,60,700 per kilogram. Silver prices also fell by about ₹14,000 over the past week, representing a decline of approximately 5.09%.
Why is there a decline in gold and silver?
Analysts said that weakness in global markets and strengthening of rupee after the Reserve Bank of India announced measures to attract foreign capital and support the domestic currency have put pressure on bullion prices. Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said that gold prices declined in the domestic market on Friday due to additional pressure from weakness in the international market and sharp improvement in the rupee. He said that investors tried to strike a balance between geopolitical uncertainties and the growing expectation that US interest rates may remain high for a long time.
What is the price in the global market?
In the international markets, spot gold fell marginally to $4,470.79 per ounce, while silver fell more than one percent to $72.89 per ounce. Kotak Securities’ Assistant Vice President of Commodity Research, Kaynat Chenwala, said that spot gold prices fell marginally on Friday and are heading towards losses for the second consecutive week. Due to the decline in the global market, gold and silver prices are also seen falling in the domestic market.
US bonds also increased pressure.
Gold prices saw some relief in the previous session, as falling bond yields, a weakening US dollar, and some diplomatic optimism about Washington-Tehran talks lifted prices. However, these gains quickly evaporated after Hezbollah rejected the US-brokered Israel-Lebanon ceasefire, and gold prices began to fall again.
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