First Published Mar 12, 2023, 11:07 AM IST
In line with the global trend, the price of 24 carat 10 gram gold in the national capital Delhi on Sunday fell by Rs 395 to Rs 55,540. However, a kilo of silver fell by Rs.115 to close at Rs.62,095. An HDFC Securities analyst said spot gold in the Delhi market was trading at Rs 10 per gram. 395 and traded at Rs.55,540 while the price of gold was trading at 1,833 dollars an ounce in the international market, while silver decreased to 20.09 dollars per ounce.
This is the reason for the decline of gold.
The price of gold is slowly coming down as the economic activity around the world intensifies. In addition to this, the second reason is rising US bond yields. Investors around the world are investing heavily in US bonds. Large investors are investing in gold as bond yields remain attractive. This is the main reason for the decrease in gold prices in the international market. Apart from this, the strength of the dollar also reduced the demand for gold. Because buying gold in dollars is expensive for holders of other currencies.
According to World Gold Council India Managing Director PR Somasundaram, holdings in gold ETFs fell by over two per cent in February due to rising bond yields and lower gold prices. During this period, holdings of global gold ETFs fell by 84.7 tonnes. This is the seventh largest monthly decline in history so far.
Know the gold and silver prices in major cities of the country-
New Delhi – 10 grams of 24 carat gold Rs. 55,550, silver kg Rs. 65,450
Hyderabad- 10 grams of 24 carat gold is Rs.55,600 and silver is Rs.65,450 per kg.
Vijayawada-24 carat gold Rs.55,600 per 10 grams, silver Rs.65,450 per kg
Chennai- 24 carat gold Rs 55,550 per 10 grams, silver Rs 67,400 per kg
What is the situation in the international market?
Today there is a decrease in the prices of gold and silver in the international market. Gold was trading at $1,813.28 an ounce, down $0.94. On the other hand, talking about silver, it is seeing a drop of $0.08. It is trading at $20.03 an ounce.
Last Updated Mar 12, 2023, 11:07 AM IST