Wedding season has started in the country. Its effect was also seen in the prices of gold and silver. An increase of more than 3 percent was seen in the prices of gold and silver in the country's capital Delhi. On the other hand, the fall in the rupee against the dollar also appeared to be supporting gold and silver. If experts are to be believed, there may be fluctuations in the prices of gold and silver in the coming days. However, a decline in the prices of gold and silver has been seen in the country's capital Delhi. Where gold prices have seen a decline of more than Rs 21 thousand per ten grams. On the other hand, the price of silver has fallen by Rs 63 thousand per kg. Let us also tell you at what level the prices of gold and silver are being seen.
On Monday, prices of precious metals rose by nearly 3 per cent in the national capital Delhi. Silver rose by Rs 7,000 to Rs 2.37 lakh per kg, and gold rose to Rs 1.51 lakh per 10 grams on fresh purchases by jewelers ahead of the wedding season. According to All India Bullion Association, silver prices rose by Rs 7,000, or 3.04 per cent, to Rs 2,37,000 per kg (including all taxes), higher than Friday's closing price of Rs 2,30,000 per kg. Gold of 99.9 per cent purity rose by Rs 3,700, or 2.5 per cent, to Rs 1,51,500 per 10 grams (including all taxes). In the last trading session, the price of gold had closed at Rs 1,47,800 per 10 grams. Traders attributed the improvement to physical purchases made ahead of the wedding season and favorable trends in the global market.
Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said gold witnessed a recovery on Monday, supported by buying as prices fell; At the same time, the decline in US treasury bond yields improved the overall sentiment in the precious metals market. He further said that the sharp change in rupee also provided further support to the prices of domestic precious metals. The rupee initially strengthened after the Reserve Bank of India banned onshore long dollar positions to curb speculative activities. Later, the rupee lost its momentum due to strong corporate demand and high oil prices. The rupee crossed the 95 per dollar level for the first time and touched a record low of 95.2350 against the US dollar. Gandhi said the weakening of the rupee provided additional support to domestic gold prices.
Despite Monday's rally, precious metals have suffered heavy losses this month. Since March 2, the price of gold has fallen by Rs 21,300, or 12.3 percent, while silver has fallen by Rs 63,000, or 21 percent. In international markets, spot gold rose USD 38.68, or about 1 percent, to USD 4,531.67 an ounce, while silver was up 1.35 percent at USD 70.72 an ounce. Praveen Singh, head of commodities at Mirae Asset Sharekhan, said spot gold rose to around USD 4,530 an ounce as it is still trading in a volatile and volatile manner, and traders are keeping an eye on the US dollar and oil prices. Gaurav Garg, Research Analyst, Lemon Markets Desk, said that in the global markets, despite the current gains, the overall mood remains cautious as gold has seen a huge fall of about 16 per cent this month, which is one of its biggest falls in decades.
