Due to the fall in the rupee, there was a rise in gold prices in Delhi on Tuesday. The capital of the country has become expensive for the second consecutive day in Delhi. After which the price has reached very close to the record level. According to experts, the price of gold can cross 90 thousand rupees in the coming days. On the other hand, silver prices have seen a decline and prices have come down to one lakh rupees. Let us also tell you how much gold and silver prices have been done?
According to the All India Bullion Association, the price of gold rose by Rs 250 to Rs 89,350 per 10 grams on Tuesday amid the fall in the rupee, which was in the second consecutive day. Gold with 99.5 percent purity increased by Rs 250 to Rs 88,950 per 10 grams, which was at Rs 88,700 per 10 grams in the previous closed. On February 20, gold with 99.9 per cent and 99.5 per cent purity reached an all -time high of Rs 89,450 and Rs 89,050 per 10 grams respectively. However, silver prices fell by Rs 500 to Rs 99,500 per kg below Rs 1 lakh.
VP Commodities Rahul Caller of Mehta Equality Limited said that silver declined due to weakness in industrial metals and bounce in dollar index. Global equity markets are also struggling due to Trump's tariff fear and pressure on industrial metals, but American Treasury Silver prices can be supported at a lower level from the inverter in yield.
The rupee closed down 51 paise against the US dollar on 87.23 (provisional) on Tuesday, amid uncertainty on US trade duty on the end of the month. In futures trading on Multi Commodity Exchange (MCX), April delivery gold increased by Rs 275 to Rs 86,459 per 10 grams. On the other hand, silver futures for March delivery on the commodity exchange increased by Rs 241 to Rs 95,330 per kg.
VP Research Analyst in LKP Securities - Commodity and Currence, Jatin Trivedi said that the gold business in MCX was positive as the rupee's weakness came below 87.10, domestic prices got support. Meanwhile, gold on comex was limited between 2,930 and $ 2,955, continuing its consolidation phase in the last few sessions. According to Saumil Gandhi, senior commodity analyst at HDFC Securities, traders will be waiting for macro data, including CB Consumer Confidence Index and Richmond Manufacturing Index, which will be released on Tuesday, as well as speeches of some members of the US Federal Reserve which will be released on Tuesday, which will be released on Tuesday. Bullion will provide trajectory for prices.
