The effect of global tension is visible in the prices of gold and silver. The price of silver fell by Rs 880 to Rs 2.67 lakh per kg. At the same time, the price of gold fell by Rs 30 to Rs 1.60 lakh per 10 grams.
Price of gold and silver in domestic market
According to the data released by All India Bullion Association, different trends were seen in the prices of gold and silver in the bullion market on Thursday. The price of white metal i.e. silver registered a rise, while the price of gold declined. According to the data, the price of silver rose by Rs 1,500 or 0.54 percent to Rs 2,76,500 per kg (including all taxes). In contrast, the price of gold of 99.9 per cent purity fell by Rs 400 to Rs 1,65,200 per 10 grams (including all taxes).
Effect of dollar strength
According to experts, the strengthening of the US dollar in the international market has put pressure on gold prices. When the dollar strengthens, gold becomes expensive in the global market, due to which the demand from investors decreases and prices fall.
Uncertainty increased due to inflation figures
The latest inflation data released in America has also affected the market sentiment. After these data, the possibility has increased that the US Federal Reserve will not rush to cut interest rates. Higher interest rates are considered a negative for assets like gold, which do not earn interest.
Selling pressure increased due to profit booking
Analysts say that in the recent past, the prices of gold and silver had reached record highs. In such a situation, big investors have started booking profits, due to which selling pressure increased in the market and gold prices fell. At the same time, due to industrial demand and investor interest, silver prices remain bullish.