New Delhi: The strengthening of US dollar has made a major impact on gold prices as the price of gold made a huge drop internationally. The price of gold in domestic market fell by Rs 672 per 10 grams. The price of one kilogram of silver in Delhi Bullion market fell by Rs 5,781 in a single day.
According to experts, the price of gold in foreign markets has dropped by more than 3% to a one-month low. Gold fell below $ 1900 an ounce on Comax. However, there is no possibility of further major fall in prices.
According to HDFC Securities, the price of gold with 99.9% purity in Delhi has fallen by Rs 672 to Rs 51,328 per 10 grams. In its last session i.e. Monday, gold had closed at Rs 52,000 per 10 grams at the end of trading. In the international market, gold closed down at $ 1900 an ounce.
Just like gold, silver prices have also seen a huge decline. On Tuesday, the price of one kg of silver has fallen by Rs 5,781 to Rs 61,606 per kg. At the same time, silver closed at Rs 67,387 per kg on Monday just a day before that.
Why Gold and Silver prices fall (Why Gold and Silver Price down in India) –
Tapan Patel, Senior Analyst (Commodity) at HDFC Securities said, “24-carat gold lost Rs 672 in Delhi bullion spot market. This reflects the selling trend in the international market. It is due to the possibility of a second wave of coronavirus infection, investors have now started safe investment purchases in dollars. This has strengthen is the US dollar which may have gold prices fall further.