Gold 250 rupees cheaper by 30800 rupees per 10 gram, lowest price in 5 months; Silver 620 rupees inexpensive
Falling gold prices and strengthening of dollar in the international market
On Wednesday, Rs 250 was cheaper to Rs 30,800 per 10 gram on Wednesday. This is the lowest price of 5 months. Earlier on February 8, gold was at current levels. Decrease in foreign markets and decreasing domestic demand have reduced the price. Silver also fell by Rs 620 to Rs 39,200 per kg. Demand in demand from industrial units and coin makers declined in silver. Silver futures for weekly delivery dropped by Rs 690 to Rs 38,290.
Why Gold Declines
According to traders, gold in the international market slipped to one year’s low level, which has the effect of showing in the Indian market too. In Singapore, gold lost 0.32% to $ 1,223.30 an ounce and silver 0.84% to $ 15.41 an ounce. The dollar came under pressure after the US Federal Reserve’s better economic outlook also put pressure on gold.
In Delhi, gold of 99.9% purity rose to 30,800 and 99.5% purity of gold by Rs 30,650 per 10 grams. The price was down by Rs 100 on Tuesday. Sovereign remained steady at Rs 24,700 per piece of 8 grams. Silver coins continued to be steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.