On Wednesday, the price of gold fell by Rs 317 to Rs 46,382 per ten grams in the local bullion market due to the impact of the fall in gold abroad. HDFC Securities has given this information. On Tuesday, gold had closed at Rs 46,699 per ten grams. In contrast, silver rose by Rs 2,328 to Rs 70,270 per kg. It closed at Rs 67,942 in the previous session.
In the international market, gold fell marginally to $ 1,776 an ounce and silver was almost unchanged at $ 26.42 an ounce. Tapan Patel, senior analyst (commodities) at HDFC Securities, said, “The strengthening of the dollar and the increase in the rate of realization on bond investment in the US impacted the gold market.”
Gold and silver futures rise
Due to strong spot demand, speculators bought fresh deals, due to which the price of gold rose by Rs 34 to Rs 46,905 per 10 grams in the local futures market on Wednesday. At the Multi Commodity Exchange, gold for delivery in the month of June rose by Rs 34, or 0.07 per cent to Rs 46,905 per 10 grams. It traded for 10,437 lots.
Market analysts said that gold futures prices rose due to buying of fresh deals by traders.
Globally, gold rose 0.02 percent to $ 1,776.30 an ounce in New York.
The demand for silver was also strong, due to which traders increased the size of their deals, due to which the price of silver rose by Rs 42 to Rs 69,691 per kg in futures trade on Wednesday. At the Multi Commodity Exchange, the futures contract for July delivery of silver rose by Rs 42, or 0.06 per cent, to Rs 69,691 per kg. In this futures contract, deals were done for 8,985 lots.
Market analysts said that the main reason for the rise in silver futures was the buying of fresh deals by traders due to the trend in the domestic market. However, globally, silver fell 0.27 percent to USD 26.49 an ounce in New York.
(This news has not been edited by the NDTV team. It has been published directly from the Syndicate feed.)