Today, the price of gold and silver declined in the domestic market compared to Friday. According to HDFC Securities, gold fell by Rs 59 to Rs 51,034 per 10 grams in the national capital on Monday. Talking about silver, it dropped by Rs 753 to Rs 62,008 per kg. In the international market, gold and silver were priced at US $ 1,901.30 per ounce and $ 24.26 per ounce, respectively.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “The fall in gold prices was due to the strengthening of the dollar index, putting pressure on Stald Stimulus Progress. The dollar index rose 0.25 percent to 93.00, reflecting the dollar’s appreciation against major currencies.
On Friday, the price of gold was reduced, while the price of silver was recorded. The price of gold was reduced by Rs 75 to Rs 51,069 per 10 grams and the price of silver was increased by Rs 121 to Rs 62,933 per kg. In the international market, gold was trading at $ 1,908 an ounce, while silver was at $ 24.72 an ounce.
In India, gold prices have risen 25 per cent this year, in line with global levels. Analysts expect the fall in the price of gold based on the appreciation in the US dollar and general market risk perception. Analysts expect the demand for gold in India to increase in the festive season. Gold is affected by widespread stimulus measures as it is widely seen as a hedge against inflation and currency depreciation.