Gold Rate update: Due to sluggish demand from jewelers amid weak global trend, there was a huge fall in the prices of gold and silver in the bullion market of Delhi on Thursday. According to the information given by the All India Bullion Association, the price of gold of 99.9% purity. It fell by Rs 800 to Rs 78,300 per 10 grams. In the last trading session on Wednesday, it had closed at Rs 79,100 per 10 grams. On Thursday, silver also fell by Rs 2,000 to Rs 90,000 per kg. In the last session, silver had closed at Rs 92,000 per kg.
Gold prices also fell in Comex
Traders said that US Central Bank chief Jerome Powell has now indicated a cut in interest rates by only two-quarters of a percent by the end of 2025. Earlier the market had anticipated four cuts in interest rates. On Wednesday, the price of gold of 99.5% purity fell by Rs 800 to Rs 77,900 per 10 grams, whereas earlier its price had closed at Rs 78,700 per 10 grams. In the Asian trading session, Comex gold futures fell by $ 19.10 an ounce to $ 2,634.10 an ounce. In the international markets, the price of silver fell by 2.47 percent to $ 29.98 an ounce.
Heavy fall in gold after Federal Reserve meeting
Saumil Gandhi, senior analyst (commodity and currency) at HDFC Securities, said gold fell sharply after the Federal Open Market Committee (FOMC) meeting as the Federal Reserve Bank cut interest rates for the next year more than previously estimated. A slow pace of reduction has been indicated.
Disclaimer: Times of Bihar does not give any advice for any buying or selling related to the stock market. We publish market related analyzes quoting market experts and broking companies. But take market related decisions only after consulting certified experts.
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