On Monday, 24 carat gold fell by Rs 50 to close at Rs 61,770 per 10 grams due to weak global cues. In the last trading session, 24 karat gold was priced at Rs 61,820 per 10 grams. The price of silver also saw a decrease and its price decreased by Rs 300 to Rs 76 thousand per kg. This information is provided by HDFC Securities.
Cause of global decline
There is a downward trend in gold prices globally. However, it is still trading above $1950 per ounce. In today’s session, gold is down 0.82 percent or $16.25 an ounce at $1,968.45 a barrel. At the same time, the price of silver fell by 1.69 percent or $0.41 to reach $23.45 per barrel. The fall in gold and silver prices is being attributed to the Federal Open Market Committee (FOMC) meeting, which may announce interest rates.
Speaking to news agency PTI, Somal Gandhi, senior analyst (commodities) at HDFC Securities said that the fall in gold prices was due to profit booking by traders, while last week the price There was an increase of more than two percent. Soft economic data has raised hopes that the Federal Reserve’s aggressive monetary policy campaign will end.
Gandhi added that traders are awaiting details of the Federal Open Market Committee (FOMC) meeting, to be released on Tuesday, for further direction on precious metals.
A decline was also seen in the futures market.
Gold and silver prices also saw a decline in the futures market. The December 24-carat gold contract was down by Rs 330 or 0.54 per cent at Rs 60,713 per 10 grams. Silver for December settled down Rs 840, or 1.15 per cent, at Rs 73,140 per kg.
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