Gold Price Today: A big jump was recorded in the prices of gold in Delhi on Tuesday. Gold of 99.9 percent purity rose by Rs 950 to Rs 79,300 per 10 grams. Whereas, in Monday’s session it closed at Rs 78,350 per 10 grams. At the same time, gold of 99.5 percent purity increased by Rs 950 to Rs 78,900 per 10 grams on Tuesday.
Whereas, on Monday it closed at Rs 77,950 per 10 grams. However, silver prices fell for the third consecutive day and fell by Rs 1,000 to Rs 91,500 per kg. Whereas last day it was Rs 92,500 per kg.
Why are gold prices increasing?
Experts say that gold prices have increased due to increase in demand for jewelery during the wedding season. Apart from this, waiting for the results of the monetary policy meeting of the US Federal Reserve is also affecting the market. The results of the Fed meeting may impact interest rates, which may impact the overall performance of gold next year.
decline in futures trading
A decline was recorded in gold futures contracts for February delivery on the Multi Commodity Exchange (MCX). It fell by Rs 410 and reached Rs 76,651 per 10 grams. A decline was also seen in the international market. Comex gold futures fell $15.50 an ounce, or 0.58 percent, to $2,654.50 an ounce.
What are the experts saying?
Speaking to PTI, Abans Holdings CEO Chintan Mehta said that along with the Federal Reserve’s announcement, the US retail sales and industrial production data is also being monitored. After the arrival of these data, the possibility of short-term instability may increase.
what will happen next
According to experts, if there is any indication of cut in interest rates, gold prices may touch further heights. At the same time, due to the current uncertainty, market fluctuations are likely to continue in the near future. Global economic developments and movement of the dollar will also affect the trend of gold.
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