Gold prices fell by Rs 400 to Rs 35400 per 10 grams on Friday in the Delhi Sarafa Bazaar due to demand for local jewelers. However, gold glow in global markets increased All India Sarafa Sangha gave this information.
Silver also fell by Rs 125 to Rs 39,075 per kg on reduced offtake by industrial units. Globally, gold for delivery in New York, with $ 1,409.40 per ounce, was trading at USD 15.21 an ounce with silver rising.
According to Ajay Kedia, director of Kedia Commodity, there will be fluctuations in gold and silver. He said that if the gold price has raised the level of $ 1,400, then the gold price could go up to $ 1480.
Kedia said that the gold price in the Indian market could show the level of up to Rs 36200 on MCX. He said that there is a hope of continuing weakness in silver only.
Kedia said that the demand for gold in the spot market is still lower than demand. He said that due to rains, there is no movement in the spot market right now. Bazar in the spot market will start from Raksha Bandhan. He said that a discount of $ 25 to 30 is going on in the physical market.
According to Manoj Kumar Jain, Commodity Director of India Investment, the gold price at MCX is good support at Rs. 34700. TPP Patel, senior commodity analyst at HDFC Securities, said that gold prices got some support today. The reason for this is that US president Donald Trump has said that China is not buying agricultural products according to the fixed amount.
