Gold and silver prices have not only risen to record levels this year but almost all experts think they would climb even further. However, over the past few days after the peak festive demand during Dhanteras and Diwali, gold and silver prices are softening a bit, due to relatively weak demand. One of reasons of the precious metal prices coming down is the end of political uncertainty in the US after Donald Trump was elected the president.
On November 12, prices of the precious metals climbed down for the second successive day in New Delhi with both weak demand and weak global cues acting as headwinds. The price of 10 grams of 99.9% pure gold went down by Rs 1,750 to reach Rs 77,800. The drop was bigger in the prices of silver – the cost of Rs 1 kg of the white metal slid by Rs 2,700 and reached Rs 91,300.
Prices of gold in major Indian cities
The price of 1 gram of gold of different varieties in the major Indian cities stands thus:
Mumbai: Rs 7,728 (24 C); Rs 7,084 (22 C), Rs 5,796 (18 C)
New Delhi: Rs 7,743 (24 C); Rs 7,099 (22 C), Rs 5,808 (18 C)
Chennai: Rs 7,728 (24 C); Rs 7,084 (22 C), Rs 5,839 (18 C)
Kolkata: Rs 7,728 (24 C); Rs 7,084 (22 C), Rs 5,796 (18 C)
Bangalore: Rs 7,728 (24 C); Rs 7,084 (22 C), Rs 5,796 (18 C)
Hyderabad: Rs 7,728 (24 C); Rs 7,084 (22 C), Rs 5,796 (18 C)
Ahmedabad: Rs 7,733 (24 C); Rs 7,089 (22 C), Rs 5,800 (18 C)
Kerala: Rs 7,728 (24 C); Rs 7,084 (22 C), Rs 5,796 (18 C)
Pune: Rs 7,728 (24 C); Rs 7,084 (22 C), Rs 5,796 (18 C)
Vadodara: Rs 7,733 (24 C); Rs 7,089 (22 C), Rs 5,800 (18C)
‘Weakness can persist’” Experts
Global cues were significant for the prices of both gold and silver, since both the metals are imported in large quantities in India every year. “Gold continued to face significant pressure as the strength in the dollar index kept prices under USD 2,600 on COMEX. In MCX, gold fell, slipping below Rs 75,000 for the first time since October 10…. The current downtrend suggests that further weakness could persist, potentially driving prices down towards Rs 72,000 if COMEX gold remains below USD 2,600 and tests the USD 2,500-level in the upcoming sessions,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities told PTI.
With the peak season of gold consumption during Dhanteras and Diwali behind us, gold and silver prices are inching down due to weak demand. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
