Golden chance to buy gold, prices fell for the second consecutive day in the bullion market
Gold Rate Today: A golden opportunity has come to buy gold. Gold prices fell for the second consecutive day in the Delhi bullion market, and gold with 99.9% purity fell by Rs 400 to Rs 1,00,020 per 10 grams. At the same time, gold with 99.5% purity also became cheaper by Rs 350. Silver prices also registered a huge drop of Rs 1,500. Experts believe that the prices have fallen due to the strength of the dollar and reduction in global tensions, which is a golden opportunity for investors to buy.
Gold Rate Today: A golden opportunity for those who buy gold. Gold prices fell for the second consecutive day in the bullion market of Delhi on Wednesday. According to the All India Bullion Association, gold with 99.9% purity in the bullion market of Delhi fell by Rs 400 to Rs 1,00,020 per 10 grams. In the previous trading session, it closed at Rs 1,00,420 per 10 grams.
Gold of 99.5% purity is also cheap
The price of gold of 99.5% purity also fell in the local market. It fell by Rs 350 to Rs 99,700 per 10 grams (including all taxes). On Tuesday, its price was Rs 1,00,050 per 10 grams. Thus, investors and customers got relief in gold rates for the second consecutive day.
Sharp fall in silver prices too
Along with gold, a big fall was also seen in silver rates. On Wednesday, silver fell by Rs 1,500 to Rs 1,12,500 per kg, while on Tuesday it closed at Rs 1,14,000 per kg. Globally also, spot silver fell by about 1% to $37.07 an ounce.
Why did gold prices fall?
HDFC Securities senior analyst Saumil Gandhi said that the strengthening of the US dollar and the expectation of reduction in global geopolitical tensions put pressure on gold. US President Donald Trump's meetings with Vladimir Putin, Volodymyr Zelensky and European leaders are giving positive signals. This has increased the hope of conflict resolution, due to which gold prices have come down.
Gold trend in foreign markets
Gold's movement in foreign markets was slightly different. Spot gold was up marginally at $ 3,326.04 an ounce. However, prices remained under pressure due to the strengthening of the dollar and it reached its lowest level in nearly three weeks.
Effect of dollar and rupee exchange rate
Manav Modi, analyst at Motilal Oswal Financial Services, said that the US dollar index reached its highest level in more than a week. Meanwhile, the dollar / rupee fell to the level of 87, putting additional pressure on gold and silver prices in the domestic market.
Investors' eyes on Federal Reserve
Experts believe that investors are now keeping an eye on the US Federal Reserve meeting and the address of Chairman Jerome Powell at the Jackson Hall Symposium. This is expected to give indications about the monetary policy stance and the future direction of gold and silver.
Buying opportunity
The fall in prices for the second consecutive day has created a golden chance to buy gold and silver in the domestic bullion market. According to experts, if the global conditions and dollar pressure continue, gold prices may soften further. This opportunity can prove beneficial for investors in the long term.
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