At a time when the wedding season has started at home, the continuous fall in gold and silver prices has come as a relief to those who want to buy jewellery. In the last three days, global factors have led to a rise in local gold prices by Rs. 3,000 while silver has fallen by Rs 3,000. 5,000 have become soft. According to bullion analysts, selling in the global bullion market has increased due to controlled inflation in America and strengthening of the dollar against other currencies.
In Ahmedabad on Thursday, 24 carat gold was priced at Rs 10 grams. It was reduced from Rs 1,300. It has become Rs 76,500, which was Rs 76,500 last Monday. 79,500 per 10 grams. Similarly, silver started the week at Rs. It became Rs 93,000 per kg on Thursday. It was reduced from Rs 3,000. 88,000 per kg. In the international market, gold has fallen by $ 66 to $ 2545 per ounce. Additionally, silver fell by $1.10 to $29.86 per ounce. Globally, gold has fallen by $124 and silver by $1.60 in the last three days.
In the futures market, December gold futures on MCX traded at Rs. Decreased to Rs 722. ₹74,482 per 10 grams. MCX Silver December Contract Rs. Decreased to Rs 1447. 89,197 per kg. Late Thursday night, Comex was trading at $ 2558.70 an ounce, down by $ 27.80. On Comex, silver was down 62.8 cents at $30.03 an ounce.
Commodity experts said gold prices fell as the dollar recovered from early weakness on expectations that inflation data would remain under control. Minneapolis Federal Reserve Bank President Neel Kashkari said he is confident inflation is slowing. Due to all this, traders are making negative bookings, due to which the pressure on gold is increasing. Along with this, pressure on silver prices is expected to remain due to increase in supply and flat industrial demand.
Gold demand expected to be at its lowest level in four years
The World Gold Council (WGC) said a slowdown in purchases was witnessed in the December quarter due to a surge in prices during the peak festival season. Given this, India’s gold demand is likely to fall to a four-year low in 2024. The demand for gold in the country, the second largest consumer of the precious metal in the world, may remain between 700 to 750 metric tons. This level is the lowest since 2020 and less than 761 tonnes last year.
