Diwali There has been a huge decline in the price of gold as soon as the festival of Rs. On Monday, due to fresh selling by stockists and retail shopkeepers in Delhi’s bullion market, the price of gold has fallen below its record level. In Delhi’s bullion market on Monday, the price of gold fell by Rs 1300 to Rs 81,100 per 10 grams. All India Bullion Association has given this information regarding the latest price of gold. According to the All India Bullion Association, gold of 99.9 per cent purity remained unchanged at its new record high of Rs 82,400 per 10 grams in Delhi on Thursday (Diwali) last week.
Tremendous decline in the price of silver also
Along with gold, the price of silver also remained under selling pressure and it fell below Rs 95,000. Today the price of silver fell sharply by Rs 4600 to Rs 94,900 per kg, whereas in the last trading session on Thursday, the price of one kg silver had closed at Rs 99,500. Traders say that gold prices have been affected due to sluggish demand from jewelers and retail shopkeepers in the local markets.
The price of gold of 99.5 percent purity also fell
On Monday, the price of gold of 99.5 percent purity also fell by Rs 1,300 to Rs 80,700 per 10 grams. Whereas in the last session on Thursday, its price was Rs 82,000 per 10 grams, which is its lifetime high. Jatin Trivedi, Vice President, Research Analyst (Commodity and Currency), LKP Securities, said, “Gold prices witnessed volatility as gold found support around $2730 on Comex, but it was unable to move above $2750.” Had to struggle a lot.
American elections will have an impact
Jatin Trivedi said, “The results of the US elections are going to come in the next two days, hence a mixed effect can be seen on the market, as a result of which MCX may trade in a limited range between Rs 78,000 to Rs 79,000.” Globally, Comex gold futures rose 0.13 percent or $ 3.6 an ounce to $ 2752.80 an ounce. On the other hand, in the Asian market, Comex silver futures rose 0.78 percent to $ 32.94 an ounce.
