A big fall in the prices of gold and silver was recorded in the bullion market of the national capital Delhi on Friday. Gold weakened for the fourth consecutive trading session and fell by Rs 2,840 to Rs 1,50,600 per 10 grams. Earlier on Thursday, gold of 99.9 percent purity had closed at Rs 1,53,440 per 10 grams.
Market experts say that due to the strength of the dollar globally and the changed strategy of investors, there is pressure on gold prices. Due to this, gold is continuously becoming cheaper in the domestic market also.
Along with gold, there was a sharp decline in the prices of silver also. On Friday, silver fell by Rs 8,040 to Rs 2,40,700 per kg. This is the lowest level in more than two months.
In the last trading session, silver had closed at Rs 2,48,740 per kg. Earlier on April 7 also, silver was trading at the level of around Rs 2,40,000 per kg.
According to analysts, due to the continuous strength of the US dollar, investors are preferring the dollar as a safe investment. Due to this, selling of precious metals like gold and silver has increased.
According to Saumil Gandhi, senior commodity analyst at HDFC Securities, the dollar index has reached a one-year high, which has a direct impact on gold prices. Apart from this, it is also expected that interest rates in America may remain at a high level for a long time, due to which the demand for gold is being affected.
There is pressure on precious metals in the global market also. The price of spot gold fell by $ 60.70 or 1.44 percent to reach $ 4,148.45 an ounce. Whereas silver fell by 1.51 percent and was seen trading at $ 64.73 an ounce.
Experts say that the uncertainty regarding the next phase of the US-Iran peace agreement is also affecting market sentiment. At present, investors are keeping an eye on global economic signals and US monetary policy, the impact of which can be seen on the prices of gold and silver in the coming days.
