There was an increase of Rs 1000 in the price of gold in two days. At the same time, the price of silver had become costlier by Rs 3300. On the contrary, on Wednesday, the people of Delhi got a big relief. During the wedding season, the prices of gold and silver have come down in the country's capital Delhi. Whereas the Multi Commodity Exchange started at 5 pm. Stock market MCX was also kept closed due to assembly elections in Maharashtra. As soon as the market opened in the evening, gold and silver prices were seen under pressure. Let us also tell you how much gold and silver have become at present.
In the country's capital Delhi on Wednesday, gold slipped by Rs 150 to Rs 77,900 per 10 grams. This precious metal with 99.9 percent purity had closed at Rs 78,050 per 10 grams on Tuesday. The price of gold of 99.5 percent purity fell by Rs 150 to Rs 77,500 per 10 grams, which had closed at Rs 77,650 per 10 grams on Tuesday. Silver also fell by Rs 500 to Rs 93,000 per kg due to reduced offtake by coin makers and industrial units. In the last session it had closed at Rs 93,500 per kg. However, on Monday and Tuesday an increase of more than Rs 3300 was seen in the price of silver.
Multi Commodity Exchange (MCX) trading was closed in the morning session on Wednesday due to assembly elections in Maharashtra. The exchange started at 5 pm in the evening session which will continue till 11.55 pm. In futures trade on MCX, gold for December delivery fell by Rs 127, or 0.17 per cent, to Rs 75,460 per 10 grams in the evening session. In the evening session, silver contracts for December delivery fell by Rs 889, or 0.98 per cent, to Rs 89,731 per kg. Globally, gold futures on Comex fell $6 an ounce, or 0.23 per cent, to $2,625 an ounce. In the Asian market, silver was trading 0.99 percent lower at US $ 31.38 an ounce.
According to commodity experts, the US Federal Reserve (Fed) will not cut interest rates aggressively in the coming days. Which was expected earlier. Due to which there is pressure in gold prices. On the other hand, the increasing conflict between Russia and Ukraine may provide some support to precious metals and reduce investors' losses. Furthermore, traders are awaiting speeches from some members of the Federal Open Market Committee (FOMC) for signals about the path to interest rate cuts.
