gold price There was a decrease today for the third consecutive day. According to the All India Bullion Association, on Wednesday the price of gold in the national capital fell by Rs 50 to a four-week (1 month) low of Rs 77,750 per 10 grams. On Tuesday, 99.9 percent purity gold had closed at Rs 77,800 per 10 grams. However, after two days of continuous decline, silver prices bounced back and rose by Rs 1,200 to Rs 92,500 per kg, whereas it had last closed at Rs 91,300 per kg.
Gold rises on MCX
Meanwhile, the price of December delivery gold contract rose by Rs 204, or 0.27 per cent, to Rs 75,105 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). “Gold witnessed marginal gains as investors anticipated the release of US Consumer Price Index (CPI) data, which provided some short-term support amid the overall weak trend,” said Jatin Trivedi, Vice President Research Analyst (Commodity & Currency), LKP Securities. can provide.” Trivedi said a decline in CPI towards the Federal Reserve’s 2 percent target could pave the way for continued interest rate cuts, which could support gold in the long term.
This is why gold is becoming cheaper
Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said, “Gold declined slightly on Wednesday and stabilized at lower levels. After the US elections, there was a sustained rise in the dollar and treasury yields, which weighed on the prices of precious metals. Had a negative impact.” According to Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, investors continue to assess Trump’s victory, especially as several key appointees in his Cabinet have taken a tough stance towards China. Nearly US$809 million was withdrawn from global gold ETFs in the first week of November after six months of continuous inflows, according to the latest report by the World Gold Council. North American funds led the way in investments, but strong demand from Asia provided some of the balance, the report said, indicating concerns over potential US-China trade tensions. In the Asian market, silver was trading 0.85 percent higher at US $ 31.02 an ounce.
