Gold-Silver Price / Gold and silver prices crash in Delhi after Diwali, know how much their prices have become

Gold-Silver Price: Immediately after Diwali, there has been a significant decline in the prices of gold and silver in the country's capital Delhi. While gold became cheaper by Rs 1,300 per 10 grams, the price of silver has also come down by Rs 4,600. According to experts, the prices of these precious metals can also fall further in the coming days. There are many economic and global reasons behind this decline, in which the results of the US presidential election and the decisions of the Federal Reserve's policy meeting are considered important factors.

Fall in gold and silver prices in Delhi

According to the report of the All India Sarafa Association, gold prices in Delhi have now fallen to Rs 81,100 per 10 grams, which was earlier at a high of Rs 82,400. Similarly, the price of gold with 99.5 percent purity also came down to Rs 80,700 per 10 grams. Meanwhile, silver prices also slipped below the level of Rs 95,000 to Rs 94,900 per kg.

Traders believe that the demand for jewelery in the local markets has decreased after Diwali, which has put pressure on gold and silver prices. Selling by retailers and stockists has also further fueled the fall in prices.

Price situation in the futures market

Gold and silver prices have also seen a decline in the Multi Commodity Exchange (MCX). The gold contract for December delivery fell by Rs 329 to Rs 78,538 per 10 grams, which was at a high of Rs 79,775 per 10 grams last week. Similarly, the December delivery contract of silver fell by Rs 412 to Rs 95,071 per kg.

Comex gold futures showed some stability and were trading at US $ 2,752.80 an ounce. Experts believe that gold is getting support around $2,730 on Comex, but it is struggling to cross the level above $2,750.

Experts' opinion

LKP Securities VP Research Analyst Jatin Trivedi said that there are many possibilities and confusion in the market regarding the results of the US elections. In such a situation, gold prices can remain between Rs 78,000 and Rs 79,000. On the other hand, BlinkX and JM Financial Vice President Pranav Mer says that due to profit-booking, prices are seeing a slight decline, the main reason for which is low demand. Apart from this, the US elections and the Federal Reserve's policy decisions will also affect the prices of precious metals in the coming times.

Global outlook and future expectations

According to a report by Goldman Sachs Research, gold prices are expected to rise in the coming years due to increased gold purchases by central banks in emerging markets. The report says that the price of gold may rise to US$3,000 per ounce by the end of 2025. Central banks of emerging markets have been accelerating gold purchases since the Russia-Ukraine conflict, which is also increasing the global demand for gold.

Conclusion

The main reason for this fall in gold and silver prices in Delhi is low demand in local markets and global developments. US elections and Federal Reserve decisions can also cause fluctuations in gold and silver prices. Therefore, it is necessary to keep an eye on market trends in the coming times, as these can prove to be an important guide for precious metals investors.