Gold Prices Drop from Record High Before Dhanteras, Silver Also Becomes Cheaper: Price Decrease Details
Gold Rate: Precious metal prices fell due to weak demand from jewellers in the bullion market, while strong global trends limited the losses.
Gold Rate: There is a good news for those who buy gold and silver on Diwali and Dhanteras. The price of gold and silver has slipped from the record level. However, despite the fall in prices, gold remains above 80 thousand and silver above Rs 1 lakh. According to the information given by the All India Bullion Association (AIBA), after the decline in demand from jewelers, the price of 99.9% pure gold in Delhi's bullion market on Thursday, October 24, 2024, fell by Rs 300 from the record high of Rs 81,500 per 10 grams to Rs 81,200 per 10 grams. At the same time, the price of silver also fell by Rs 1,000 to Rs 1.01 lakh per kg, breaking the 6-day upward trend. The price of 99.5% pure gold on Wednesday fell by Rs 300 to Rs 80,800 per 10 gram from its previous closing price of Rs 81,100 per 10 gram.
Gold became cheaper due to decrease in demand
Bullion traders said that the prices of precious metals declined due to weak demand from jewelers in the bullion market, while strong global trends limited the losses to some extent. Jatin Trivedi, Vice President, Commodity Research Analysis at LKP Securities, said that this improvement highlights the strong underlying sentiment for gold, which is benefiting from the broad macroeconomic environment, especially when the US dollar is stabilizing. Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, said that the price of gold and silver is trading stable due to the market uncertainty about the US presidential election and the demand for safe investment option deal due to persistent tension in West Asia.
Gold is expensive in futures market
The price of gold in futures trading rose by Rs 493 to Rs 78,305 per 10 grams as speculators bought fresh deals amid strong spot demand. On the Multi Commodity Exchange (MCX), the price of the contract for delivery in December rose by Rs 493 or 0.63% to Rs 78,305 per 10 grams. 14,721 lots were traded in it. Globally, gold rose by 0.73 percent to $2,735.35 an ounce in New York.
Silver jumped in the futures market
Silver prices in futures trade rose by Rs 1,445 to Rs 98,405 per kg as traders increased the size of their deals amid strong spot demand. The price of silver contracts for delivery in December on MCX rose by Rs 1,445 or 1.49% to Rs 98,405 per kg. 24,723 lots were traded in it. Globally, the price of silver in New York rose by 0.61 percent to $33.90 per ounce.
