Gold Price: After going to the record hike, today there has been a big decline in gold prices. This decline is due to the expectations of the peace agreement between Russia-Ukraine. If there is a peace agreement between the two countries, then there may be further decline in gold prices in the coming days.
On Monday, the price of gold fell by Rs 700 to Rs 90,550 per 10 grams in the bullion market of the national capital Delhi. In addition, traders continued to cut off long-deposited deals after recent rally amid hopes of a possible Russia-Ukraine peace agreement in view of negotiations between Ukraine and US authorities in Saudi Arabia to end the three-year-old conflict.
Gold with 99.9 percent purity closed at Rs 91,250 per 10 grams on Friday. The price of gold with 99.5 percent purity fell by Rs 700 to Rs 90,100 per 10 grams, while its previous closed price was Rs 90,800 per 10 grams.
Gold prices came down from a record high due to low geopolitical risk after discussing the possibility of a possible peace agreement between Russia between Ukraine and the US on Sunday. Chintan Mehta, Chief Executive Officer of Absan Financial Services, said, "However, due to increasing tension in West Asia, the demand for gold remains strong as a safe investment option, as Israel has resumed attacks on Hamas in Gaza Patti."
However, silver prices rose by Rs 200 to Rs 200 to Rs 1,00,500 per kg from Rs 1,00,300 per kg. Mehta said that despite the recent decline, the US Federal Reserve (Fed) is expected to continue gold rapidly with expectations of cutting more interest rates. Meanwhile, gold in international markets increased by 0.22 percent to $ 3,028.90 an ounce.
According to HDFC Securities Senior Analyst-Soumil Gandhi, investors will wait for the large economic data to be released on Monday. In the US, temporary S&P Global Manufacturing PMI data and Federal member Rafael Bstic addresses are included.
