Gold fell by Rs 139 to Rs 50,326 per 10 grams. In the last trading session, the yellow metal closed at Rs 50,465 per 10 grams.
Gold fell by Rs 139 to Rs 50,326 per 10 grams.
Gold fell by Rs 139 to Rs 50,326 per 10 grams at the Delhi Bullion Bazar on Friday, amid declines in international precious metal prices. HDFC Securities reported this. In the last trading session, the yellow metal closed at Rs 50,465 per 10 grams. The price of gold per ounce in the international market was 1,665 dollars. While silver was steady at $19.50 an ounce.
Tapan Patel, senior analyst (commodities) at HDFC Securities said gold prices fell despite deep concerns about a recession due to the US central bank’s Federal Reserve raising policy rates. Gold is generally considered a safe investment in a recession.
Prices in futures trading
In futures trade, gold fell by Rs 140 to Rs 49,860 per 10 grams on Friday. On the Multi Commodity Exchange, contracts for October delivery were trading down by Rs 140, or 0.28 percent, at Rs 49,860 per 10 grams. This accounts for a business turnover of 6,315 lots.
Let us tell you that the tension between Russia and Ukraine, slowdown in the global economy and high inflation could lead to a massive rise in gold prices. According to the report, according to experts, the price of gold may cross Rs 55,000 this year. As a result, the price of gold may reach Rs 62,000 next year.
Let us tell you that the World Gold Council believes that the current state of the global economy is likely to increase demand for bullion.
Demand is not expected to exceed the price limit in the domestic market. On the other hand, if foreign signals change, gold may also see a sharp rise in the near future. Investment demand for gold has waned due to a rise in the US dollar and Treasury yields, which has pushed prices lower. Indeed, there are indications that the Federal Reserve will continue its aggressive stance on rate hikes. Despite the recent gains, the latest data on the US economy shows no sign of weakness, which could lead the Federal Reserve to focus its attention on controlling inflation.
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