On Wednesday, the price of gold declined in the domestic market, while the price of silver has come down. According to HDFC Securities, gold prices fell by Rs 694 to Rs 51,215 per 10 grams in the national capital today. Talking about silver, today the price of silver has increased by Rs 126 to Rs 63,427 per kg.
In this context, HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “The 24-carat gold price in Delhi has come down by 694 rupees.” In the international market, gold was trading at $ 1,892 an ounce and silver was flat at $ 23.73 an ounce. Meanwhile, the rupee today strengthened 13 paise to close at 73.33 against the US dollar after a two-day decline.
Gold prices rose by Rs 454 to Rs 51,879 per 10 grams in the national capital due to the fall in the rupee against the dollar on Tuesday and silver also increased and rose by Rs 751 to Rs 62,376 per kg. In the international market, gold was trading at USD 1,910 an ounce, while silver was trading flat at US $ 24.25 an ounce.
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.
According to the report of the World Gold Council, India currently has 653 metric tons of gold. With this, India comes in 9th place in the world in terms of the highest gold reserve. This is 7.4 percent of its total foreign exchange reserves.