On Friday, the price of gold declined by Rs 500 to a two -week low of Rs 87,700 per 10 grams due to the weak demand of jewelery traders and the selling of investors. In the last trading session, gold with 99.9 percent purity closed at Rs 88,200 per 10 grams.
So far this year, gold prices have risen by Rs 8,310 to Rs 87,700 per 10 grams, while on January 1, gold prices were Rs 79,390 per 10 grams. The price of gold with 99.5 percent purity fell by Rs 500 to Rs 87,300 per 10 grams. Its previous closed price was Rs 87,800 per 10 grams.
The price of silver also fell by Rs 2,100 to Rs 96,400 per kg, while its previous closed price was Rs 98,500 per kg. The vice -president (commodity) of Mehta Equality Limited, Rahul Kalantar said, "Gold and silver declined again due to a loud boom in the dollar index. The US President's announcement of new fees on Mexico and Canada from March 4 strengthened the dollar, increasing pressure on bullion prices."
According to commodity experts, in addition, the announcement of Trump's announcement of imposing an additional 10 percent fee on China has been broken in the markets about the possible adjournment of these fees rates. On the global front, comex gold futures fell by $ 21.20 an ounce to $ 2,874.70 an ounce. Also, the spot gold fell $ 15 an ounce to $ 2,862.53 an ounce.
Chintan Mehta, Chief Executive Officer of Abson Holdings, said, the strengthening of the US dollar is improving gold prices… indicating that the US federal reserve may delay the rates cut due to continuous inflation pressure in the economy. Comex silver futures were trading at $ 31.72 an ounce in the Asian market.
