Silver and Gold Price: On Tuesday, gold prices once again crossed the level of Rs 1.60 lakh per 10 grams. There has been an increase in the price of gold due to weak dollar and improvement in sentiment. According to All India Bullion Association, on Tuesday, the price of gold of 99.9 percent purity increased by Rs 1,500 to Rs 1,60,300 per 10 grams in Delhi’s bullion market. On Monday, gold prices fell by Rs 1,100 and closed at Rs 1,58,800 per 10 grams. Experts believe that this rise in home prices has come due to the weak dollar and new interest from investors.
What was the change in silver prices today?
On Tuesday, silver prices remained stable at Rs 2,55,700 per kg without any change. “Gold prices rose on Tuesday, supported by falling crude oil prices, weak dollar and fall in bond yields,” said Saumil Gandhi, Senior Analyst (Commodity), HDFC Securities. He said the market mood improved after Iran and Israel agreed to stop attacks on each other. Whereas, US President Donald Trump’s comments indicated progress towards a formal ceasefire, raising hopes for a diplomatic solution to the dispute.
Prices got support due to reduction in geopolitical tension
“Easing geopolitical tensions eased concerns about fuel-driven inflation, which supported precious metals after recent declines,” Saumil Gandhi said. However, the recovery remained limited as investors continued to weigh the future of US monetary policy.
How was the gold and silver business in the international market?
In the international market, spot gold fell marginally to $ 4,326.78 an ounce today. Whereas, silver strengthened slightly at $ 68.28 an ounce. Praveen Singh, head of commodities at Mirae Asset Sharekhan, said spot gold is trading below the $4,330 an ounce level as traders await strong signals on the situation in West Asia. Meanwhile, crude oil prices fell as US President Donald Trump claimed a better deal with Iran was on the way.
