Gold Silver Rate: Due to heavy selling by jewelers and stockists, gold fell by Rs 1,400 to below Rs 80,000 in the bullion market of the national capital on Friday. Apart from this, a fall of Rs 4200 was recorded in silver. All India Bullion Association gave this information. Apart from this, bullion prices were under heavy pressure due to weak trend in international markets, traders said.
Biggest fall in silver in December
The price of gold of 99.9 percent purity fell by Rs 1400 to Rs 79,500 per 10 grams. In the last session, it had closed at Rs 80,900 per 10 grams. Silver fell by Rs 4,200 to Rs 92,800 per kg. This is the biggest decline in the month of December. In the last trading session on Thursday, silver had closed at Rs 97,000 per kg. The price of gold of 99.5 percent purity also decreased by Rs 1400 to Rs 79,100 per 10 grams, whereas on the previous day its price was Rs 80,500 per 10 grams.
Gold price in Comex dropped to $2670
Jatin Trivedi, Vice President (Research Analyst), LKP Securities, said that gold witnessed sharp selling due to profit-booking following the fall in the Producer Price Index (PPI) in the US and increase in weekly unemployment claims. Due to this, the price of gold in Comex (commodity market) has come down to $ 2670 per 10 grams. Comex gold futures fell by $ 18.60 an ounce to $ 2,690.80 an ounce. Silver fell by 1.42 percent at $ 31.17 an ounce.
Know what commodity experts say
HDFC Securities Senior Analyst (Commodities) Saumil Gandhi said the improvement in the dollar and mixed macro economic data in the US prompted traders to book profits ahead of the Federal Reserve’s last policy meeting of the year, due to which gold prices fell on Friday. Even after the release of the data, traders are expecting a 0.25 percent cut in the key interest rate at next week’s Federal Reserve meeting, but the path of monetary policy for the next year remains uncertain. Much remains uncertain.
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