- Today the price of gold has once again registered a decrease.
- Gold prices fell by Rs 372 on Friday
- Silver also declined by Rs 799 to Rs 56,089.
Dhanteras, the most auspicious day for buying gold and silver, is just 2 days away. If you were also thinking of buying gold and silver on Dhanteras, then there is good news for you. Today the price of gold has once again registered a decrease. Gold prices on Friday fell by Rs 372 to Rs 50,139 per 10 grams in the national capital amid fall in prices in the international market. The precious metal had closed at Rs 50,511 per 10 grams in the previous trade.
silver also broken
Silver also declined by Rs 799 to Rs 56,089 per kg from Rs 56,888 per kg. In the international market, gold was trading red at USD 1,621.25 an ounce while silver was trading at USD 18.41 an ounce.
what experts say
“Comex spot gold is headed for a second weekly decline, with prices near their lowest level since April 2020, as dollar strengthens and holdings in ETF-extended declines,” said Dilip Parmar, Research Analyst, HDFC Securities.
How was the market yesterday?
Gold prices on Saturday saw a rise of Rs 270 in the Indian market amid firming prices of precious metals in global markets. Gold was trading at Rs 50,400 per 10 grams. At the same time, gold became cheaper by Rs 600 for the last time in the session before that. The price of silver had seen a fall of Rs 250 yesterday.
India’s gold reserves also fell drastically
The country’s foreign exchange reserves fell by $ 8.134 billion to $ 537.518 billion for the week ended September 23, as the country’s foreign exchange reserves continued to decline. Foreign exchange reserves had declined by over $5.2 billion to $545.54 billion in the previous week. The central bank said that during the week under review, FCAs declined by $7.688 billion to $477.212 billion. In dollar terms, FCAs include the effect of appreciation or depreciation in non-US currencies such as the euro, pound and yen held in foreign exchange reserves. According to the data, the value of gold reserves has come down by $ 300 million to $ 37.886 billion.
Softening in gold futures price
Gold prices on Friday fell by Rs 232 to Rs 49,911 per 10 grams in futures trade as speculators reduced the number of positions. On the Multi Commodity Exchange, the contract for supply in December fell by Rs 232, or 0.46 per cent, to Rs 49,911 per 10 grams. It had a business turnover of 12,801 lots. Market analysts said reduction in positions by participants mainly led to the fall in gold futures. Globally, gold was trading 0.51 per cent lower at USD 1,628.40 an ounce in New York.
Silver slips by Rs 666
Silver prices on Friday slipped by Rs 666 to Rs 55,987 per kg in futures trade as participants reduced their positions on weak spot demand. At the Multi Commodity Exchange, silver for delivery in December fell by Rs 666, or 1.18 per cent, to Rs 55,987 per kg. It had a business of 21,847 lots. Globally, silver was trading 1.39 per cent lower at USD 18.43 an ounce in New York.