As the holiday season approaches, buyers flock to the markets to purchase gold and silver. On Tuesday, the price of gold fell by Rs 343 in Delhi. According to HDFC Securities, gold for 10 grams costs 51,105 rupees in the national capital due to lower prices in international markets.
Previously, gold prices were recorded at Rs 51,448 per 10 grams on Monday. Notably, silver prices fell by Rs 1,071 and now cost Rs 58,652 per kilogram from Rs 59,723 per kg on Monday.
According to International Trade, gold was quoted at $1,664.3 per ounce while silver was down and was recorded at $19.34 per ounce. A PTI report quoted Dilip Parmar, research analyst at HDFC Securities, “COMEX gold held near a one-week low under pressure from a stronger dollar and the interest rate outlook. higher.”
“Good US jobs data has heightened fears that the US Federal Reserve will be more aggressive with interest rate hikes. Rising rates make gold less attractive as an investment,” the research analyst added.
Commodity experts have noted that the sharp rise of about 12% in crude prices is mainly linked to the rise in gold prices. Other factors, including rising global inflation and stock market volatility, have made gold a “safe” investment for many investors.
Notably, gold prices on Sunday remained stable in major metropolitan cities including Delhi, Chennai, Kolkata and Mumbai. While the Delhi rate for 10g of 22 karat gold was recorded at 48,010 rupees, it traded at 52,370 rupees for 10 grams of 24 karat gold.
Precious metal prices will only increase on the day before Dhanteras, which marks the start of Diwali festivities and is considered an auspicious day to purchase new metal items such as gold and silver.