Vikrant Shekhawat : Oct 28, 2024, 10:20 PM
Gold Price Today: On Monday, the price of gold in Delhi's bullion market saw a decline of Rs 400, bringing it to Rs 81,100 per 10 grams. According to the All India Sarafa Association, gold of 99.9 percent and 99.5 percent purity had hit an all-time high of Rs 81,500 and Rs 81,100 per 10 grams, respectively, on Saturday. At the same time, silver prices remained stable at Rs 99,500 per kg.Reason for fall in goldAnalysts said that due to sluggishness in global markets, there has been a decrease in demand from jewelers and stockists in the local markets, resulting in a fall in gold prices. The price of gold contract for December delivery on the Multi Commodity Exchange (MCX) fell by Rs 312 to Rs 78,220 per 10 grams. Jatin Trivedi, Vice President and Research Analyst, LKP Securities, said that gold prices have seen a decline since the beginning of this week. Besides, profit booking trend was also seen amid signs of easing of tensions in the Israel-Iran conflict.Silver prices stableSilver prices have also declined, where the price of silver contract for December delivery fell by Rs 585 to Rs 96,549 per kg. According to Motilal Oswal Financial Services Ltd, silver may outperform gold in the medium to long term. In the next 12-15 months, the price of silver may reach Rs 1.25 lakh per kg in MCX and $ 40 per ounce on Comex.Global market impactGlobally, Comex gold futures fell 0.38 per cent to $ 2,744 per ounce. This decline is putting pressure on gold prices in the domestic markets. In such a situation, investors are now being cautious and taking their decisions according to the market trend.ConclusionThe fall in gold prices and stability in silver amid the ongoing crisis in Bangladesh and sluggishness in global markets indicates that investors are currently cautious. However, fluctuations in gold and silver prices may continue if market conditions change. It remains to be seen whether the global situation will affect the prices of gold and silver in the coming days or not.