New Delhi: Good news came for those buying gold and silver on Friday. There is tension between America and Iran, there is uncertainty in the global market, yet the prices of precious metals fell. The reason is clear – geopolitical tensions eased a bit and the US Federal Reserve did not raise interest rates. This changed the mood of investors and the demand for gold and silver, considered safe investments, decreased.
How much did gold fall on MCX?
On Multi Commodity Exchange i.e. MCX, gold for August delivery fell by 1.37 per cent. During trading it went to an intraday low of Rs 151,768. Later it was trading at Rs 151,797 with a fall of Rs 2,082. Market experts are saying that if the tension in the world reduces then people will no longer look at gold as a safe haven. Therefore purchasing reduced.
Did silver also fall?
Along with gold, silver also fell. Silver for July futures fell 2.73 percent to Rs 244,945. It also touched a low of Rs 244,647 in the day’s trading. Investors started booking profits. When weakness was seen in the market, selling intensified.
What is the gold rate in Delhi, Mumbai, Chennai?
In Delhi, 24-carat gold is being sold at Rs 14,600 per gram. 22 carat is Rs 13,384 and 18 carat is Rs 10,953 per gram. In Mumbai, 24-carat gold is costing Rs 14,585 per gram. 24 carat gold in Chennai is at Rs 14,803 per gram. After the fall of MCX, retail rates may also be affected.
How much is silver worth today?
Silver in the country is at Rs 249.90 per gram and Rs 249,900 per kg. In Chennai and Hyderabad, silver has reached Rs 254,900 per kg. It is trading around Rs 249,900 per kg in Delhi, Mumbai and Kolkata. Industrial demand is weak, hence there is pressure on silver.
Why do gold and silver prices change?
According to experts, 5 things decide the rate. First, the condition of the international market. Second, how strong is the dollar. Third, whether interest rates will go up or not. Fourth, the situation of tension or war in the world. Fifth, demand and supply. When demand increases during wedding and festival seasons, rates also increase.
What should investors do now?
Market experts advise not to hurry now. In the coming days, US-Iran tension, the next Fed meeting and global economy figures will decide whether gold and silver will go up or down. Buy little by little in the fall. Don’t invest all the money at once. Keep an eye on the market.
