New Delhi. Due to weak demand from jewelers, gold and silver prices fell below record levels in the bullion market of the national capital on Thursday. All India Bullion Association gave this information. The price of gold of 99.9 percent purity fell by Rs 300 from the record high of Rs 81,500 per 10 grams to Rs 81,200 per 10 grams.
On Thursday, silver prices also fell by Rs 1,000 to Rs 1.01 lakh per kg due to weak offtake by industrial units and coin makers, breaking the six-day long rising trend. The price of gold of 99.5 percent purity fell by Rs 300 to Rs 80,800 per 10 grams on Wednesday as compared to the previous closing price of Rs 81,100 per 10 grams. Traders said the precious metal prices fell due to weak demand from jewelers in the local market, while strong global trends limited the losses.
“This correction highlights the strong underlying sentiment for gold, which is benefiting from the broader macroeconomic environment, especially as the US dollar is stabilising,” said Jatin Trivedi, vice president, research analyst (commodities and currencies), LKP Securities. .” In international markets, Comex gold futures rose 0.73 per cent to $2,749.30 an ounce.
Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, said, “Gold and silver prices remained stable due to increased demand for safe investment option deals due to market uncertainty regarding the US presidential election and persistent tension in West Asia. Doing business.” Comex silver futures rose 1.72 percent to $34.42 an ounce in Asian trading hours.