On Monday, the bullion market in Delhi saw a significant increase in the price of gold and silver.
The price of 24 carat gold increased by Rs 550 to Rs 99,300 per 10 grams as a result of jewelers’ and retail purchasers’ ongoing purchases.
Gold Silver Rate: On Monday, the bullion market in Delhi saw a significant increase in the price of gold and silver.
Also Read: Why Intempus Wants Robots to Mirror Human Physiology
The price of 24 carat gold increased by Rs 550 to Rs 99,300 per 10 grams as a result of jewelers’ and retail purchasers’ ongoing purchases. Gold price at Rs 98,750 per 10 grams on day Friday. That means, the price of gold has increased by Rs 2,760 per 10 grams from Wednesday of previous week. In the meanwhile, the price of 10 kilos of 99.5 percent pure gold increased by Rs 500 to Rs 98,800 (including all taxes).
The price of silver
Speaking of silver, it has also seen a significant increasing. The price of one kilogram of silver was up by Rs 1,170 to Rs 1,00,370. It ended at Rs 99,200 per kilogram on Friday, the penultimate trading day.
The price of gold is lower on the global market.
However, gold prices dropped globally.
Spot gold dropped to $3,332.59 an ounce, a decrease of $24.83 or 0.74 percent.
Also Read: Foster Hub for At-Risk Dogs
What is causing the gold price decline?
Former US President Donald Trump has delayed the deadline to levy a 50% tariff on EU exports until July 9, according to Rahul Kalantri, a commodities analyst at Mehta Equities Limited. As a result, investors were less unsure and bullion lost its reputation as a secure investment, which caused gold to drop in value on the global market.
What may occur next?
According to Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, investors are now examining the US Federal Reserve meeting report on Wednesday. This might provide clues about future interest rate cuts, which would further impact gold prices.
Despite a sharp rise in the local market, the price of gold and silver is declining globally. Investors are now monitoring the worldwide situation and US economic policy.