Categories: Business

Gold and silver price fall on weak global cues


Gold and Silver price today

new Delhi. Gold and silver prices fell in the local bullion market on Wednesday amid a weak trend in the international markets. According to data released by HDFC Securities, gold declined by Rs 640 to Rs 54,269 per 10 grams. In the previous trading session, gold had closed at Rs 54,909 per 10 grams. At the same time, silver faced selling pressure in the local bullion market and its price also fell by Rs 3,112 to Rs 69,450 per kg. Silver had closed at Rs 72,562 per kg in the previous trading session.

In the international market, gold was at a low of $ 1,988 an ounce, while silver was unchanged at $ 27.43 an ounce. HDFC Securities Senior Analyst (Commodity) Tapan Patel said, "The dollar index saw an improvement on Wednesday before the release of the details of the meeting of the US Federal Open Market Committee (FOMC), which reduced the initial gains of gold. . ''

At the same time, gold and silver futures prices also declined due to weak demand. Due to weak spot demand, traders cut their trades, as the delivery in October futures contracted by 0.67 per cent to Rs 53,210 per 10 grams in the futures market on Wednesday. It traded for 15,644 lots. In the month of December, gold prices fell by Rs 339, or 0.63 per cent, to Rs 53,430 per 10 grams. It traded for 2,461 lots. On the other hand, silver for delivery in September fell by Rs 1,540, or 2.22 per cent, to Rs 67,965 per kg with a turnover of 10,182 lots.

This post was published on August 19, 2020 8:37 pm

Content Team

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