global markets Gold prices fell below record highs in the national capital on Tuesday due to fresh selling by stockists amid bearish trend in India. During trading, gold fell by Rs 400 to Rs 78,300 per 10 grams. According to All India Bullion Association, gold had closed at an all-time high of Rs 78,700 per 10 grams on Monday. However, silver remained stable at Rs 94,000 per kg due to profit booking after the fall in silver prices in foreign markets. Apart from this, gold of 99.5 percent purity also fell by Rs 400 from its record level to Rs 77,900 per 10 grams. Its last closing price on Monday was Rs 78,300 per 10 grams.
Due to this the fall in the price of gold
Traders said gold prices fell due to sluggish demand from local jewelers amid a weak trend in global markets. Meanwhile, gold contracts for December delivery fell by Rs 145 to Rs 75,900 per 10 grams in futures trade on Multi Commodity Exchange (MCX). The price of silver contract for December delivery fell by Rs 1,280 to Rs 91,077 per kg in MCX. Gold also remains volatile due to tensions in West Asia between Iran and Israel and it is expected to be in the range of Rs 75,450-76,350 in MCX.
COMEX gold also fell
Jatin Trivedi, Vice President and Research Analyst, LKP Securities, said, “Market sentiment remains neutral on interest rate cuts, with a 0.25 (fourth) per cent cut expected as US unemployment data comes in line with Comex gold futures fell 0.38 percent to $ 2,655.80 an ounce in Asian trading hours. In the international market, silver fell 1.79 percent to $ 31.43 an ounce.
