Sona Chandi Bhav : Good news for those who buy gold before Karwa Chauth, There has been a decrease of Rs 645 in the price of 24 carat gold, while the price of silver has fallen. In the bullion markets, the rising prices of gold and silver for several days were restrained on Monday. According to the rate issued by IBJA, 24 carat gold opened at a rate of Rs 51317 and fell further till evening and closed at Rs 51120. At the same time, silver became cheaper by Rs 2074 per kg and opened at Rs 58774 and later improved slightly and closed at Rs 58949 with a loss of Rs 1899.
condition of delhi bullion market
If we talk about Delhi bullion market, then on Monday, gold fell by Rs 543 to Rs 51,625 per 10 grams in Delhi bullion market. Apart from this, silver fell by Rs 2,121 to 59,725 per kg, which was earlier at 61,846 per kg. In the international market, gold was trading lower at $ 1,683.05 an ounce and silver was also trading with a loss at $ 19.74 an ounce.
Gold crosses 52 thousand in Indore
At the same time, in the bullion market of Indore, the price of gold decreased by Rs 250 per 10 grams and silver by Rs 400 per kg on Monday as compared to Saturday. Gold was sold at Rs 52150 per 10 grams and silver at Rs 59100 per kg. Whereas, silver coin was sold at the rate of Rs 750 per piece.
According to the rate released by IBJA, the price of 22 carat gold is now Rs 46826 and 23 carat gold is Rs 50915 per 10 grams. Whereas, the rate of 18 carat gold is Rs 38340. Here the price of 14 carat gold has now gone up to Rs 29905 per 10 grams. It does not include GST.
why the price fell
Dilip Parmar, Research Analyst, HDFC Securities, said strong US employment data has raised fears of the US central bank Federal Reserve increasing interest rates aggressively. Rising interest rates make gold less attractive as an investment. Whereas, Navneet Damani, Senior VP, Motilal Oswal Financial Services, said, “Strong US jobs data reinforces the view that the Fed will continue its policy of aggressive interest rate hikes. Dollar index continues to rise above 113 points.” is climbing.”
Gold can remain in the range of 51,200 – 51,850
He said US job growth slowed marginally in September, while the unemployment rate fell to 3.5%, which puts the Fed on a campaign to tighten its aggressive monetary policy for some time. On the other hand, it is backing the metal’s safe haven appeal on the lower end due to geopolitical tensions regarding missile attacks from North Korea, Russia and Ukraine. Physical gold prices in India had declined last week, as a fall in festive demand due to a rise in local prices amid a depreciating rupee. Broader trend on COMEX could be in the range of $1665-1715 and on the domestic front, Gold could remain in the range of 51,200 – 51,850.