Despite a strong global trend, gold prices fell by Rs 100 to Rs 34,270 per 10 gram on Monday due to weak demand from jewelers. All India Sarafa Association said this.
However, silver prices rose by Rs 90 to Rs 39,090 per kg on demand from industrial units and coin makers. According to traders, the weakness of local jewelers in the domestic spot market has softened gold prices.
However, a strong stance on the global level would have prevented the decline. Globally, gold prices in New York reached $ 1,404.92 an ounce, while silver prices surged to $ 15.36 a barrel.
Harish Wei, Head of Commodity Research, GeoJit Financial Services, said, “Gold is six years high in the spot market, due to the tension in the Middle East and the soft trend of major central banks. Investors are investing in yellow metal as a safe investment.
“The likelihood of a fall in the interest rate of the US Federal Reserve Bank and the dollar’s weakness and reaching the minimum level of three months has boosted the notion.”
In the national capital, 99.9 per cent and 99.5 per cent purity, gold prices fell by Rs 100-100 to Rs 34,270 and Rs 34,100 per ten gram respectively. However, the price of Guinness remained steady at Rs 26,800 per eight gram On Saturday, gold surged by Rs 70 to Rs 34,370 per 10 grams.
Meanwhile, silver ready rose by Rs 90 to Rs 39,090 per kg, while weekly-based delivery reached Rs 38,098 per kg with a profit of Rs 144. Silver coins are Rs 80,000 and Rs 81,000 per 100 units.