global markets Gold on Tuesday fell by Rs 110 to Rs 55,550 per 10 grams in the national capital’s bullion market amid a weak trend in the prices of the precious metal. HDFC Securities gave this information. In the last trading session, gold had closed at Rs 55,660 per 10 grams. Silver also declined by Rs 550 to close at Rs 63,000 per kg. Saumil Gandhi, Senior Analyst, HDFC Securities said, “Spot gold in Delhi lost Rs 110 to Rs 55,550 per 10 grams.” Experts of the bullion market say that there will be a further decline in the price of gold and silver in the coming days.
Fall in international market as well
In the international market, gold declined to USD 1,808 an ounce, while silver also declined to USD 20.47 an ounce. “Early losses in dollar in Asian trade later reversed and gains in Comex gold reversed,” said Sriram Iyer, Senior Research Analyst, Reliance Securities.
fall in gold futures prices
Gold prices on Tuesday declined by Rs 278 to Rs 55,198 per 10 grams in futures trade as speculators reduced their positions due to weak demand in the spot market. On the Multi Commodity Exchange, the contract for delivery in April declined by Rs 278, or 0.5 per cent, to Rs 55,198 per 10 grams. There was a turnover of 11,194 lots. Market analysts said off-loading of positions by participants mainly influenced the fall in gold futures prices. Globally, gold traded 0.55 per cent lower at $1,814.80 an ounce in New York.
silver futures fall
Silver prices on Tuesday declined by Rs 434 to Rs 62,530 per kg in futures trade as participants reduced their positions amid weak demand in the spot market. On the Multi Commodity Exchange, silver for delivery in March declined by Rs 434, or 0.69 per cent, to Rs 62,530 per kg. There was a turnover of 295 lots. Globally, silver declined by 1.31 per cent to USD 20.52 an ounce in New York.