Gold-Silver Rate Updates: With the decrease in global prices of gold and silver, the price of gold per ten gram fell by Rs 229 to Rs 47,074 in the national capital on Wednesday. According to HDFC Securities, the price of gold had previously closed at Rs 47,303 per 10 grams. The price of silver also decreased and it fell by Rs 717 to Rs 70,807 per kg. Silver had closed at Rs 71,524 per kg on the previous day.
In the international market, gold was quoted at $ 1,832 per ons, while silver remained steady at $ 27.38 an ons.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices came under pressure due to the strengthening of the dollar and bond yields.”
According to analysts, gold prices have come down from three-week highs due to increase in US bond yields and strengthening dollar. Investors are also waiting for the inflation data in the US.
Future Gold-Silver also fell
The bookmakers reduced the size of their deals amid weak spot demand, leading to a loss of Rs 81 to Rs 47,552 per 10 grams in the local futures market on Wednesday. At the Multi Commodity Exchange, the price of gold fell by Rs 81, or 0.17 per cent, to Rs 47,552 per 10 gram for delivery in the month of June. It traded for 7,862 lots. Globally, gold fell 0.25 per cent to $ 1,831.50 an ounce in New York.
On the other hand, silver fell by Rs 502 to Rs 71,427 per kg in futures trade on Wednesday.
At the Multi Commodity Exchange, the futures contract for July delivery of silver fell by Rs 502, or 0.7 per cent, to Rs 71,427 per kg. In this futures contract, deals were done for 10,165 lots. Globally, silver fell 0.69 percent to USD 27.48 an ounce in New York.
(This news has not been edited by the NDTV team. It has been published directly from the Syndicate feed.)