Gold becomes cheaper before festivals : There has been a big fall in the prices of gold and silver before the festive season.
Gold becomes cheaper before festivals : There has been a big fall in the prices of gold and silver before the festive season.Gold has become cheaper by Rs 1,100 in the last three trading sessions, while the price of silver has also registered a huge fall of Rs 2,250.
On Thursday, gold became cheaper by Rs 650 in Delhi bullion market and closed at Rs 58,950 per 10 grams, down from Rs 59,000. Silver also fell below Rs 74,000 with a big fall of Rs 1,000 and closed at Rs 73,100 per kg. In the last trading session, gold had closed at Rs 59,600 per 10 grams and silver at Rs 74,100 per kilogram.
HDFC Securities Senior Analyst (Commodities) Saumil Gandhi said, strengthening of the US dollar and rise in yields on US bonds led to fall in precious metals prices in global markets.
Gold fell to six-month low on Comex. In the international market, gold fell to $ 1,877 an ounce. Silver was also trading weakly at $ 22.55 an ounce.
Navneet Damani, senior vice president (commodity research) at Motilal Oswal Financial Services, said the market’s focus is now on the revised US gross domestic product (GDP) growth rate data for the second quarter and weekly jobless claims.