Due to the slowdown in demand for gold and silver, both the metals have declined. Gold prices registered a slight decline in Friday’s trade, but a sharp decline in silver was recorded. Gold fell marginally by Rs. 24 to Rs. 47,273 per 10 grams due to slackening demand in the local bullion market. HDFC Securities has given this information.
Due to this, the price of gold had closed at Rs 47,297 per 10 grams in the previous day’s session.
Silver also fell by Rs 909 to Rs 68,062 per kg during this period. It had closed at Rs 68,971 on the previous day, in the international market, gold rose marginally to USD 1,784 an ounce and silver to USD 26.05 an ounce.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices remained firm as the spot price in New York-based commodity exchange Kamex remained firm at $ 1,784 an ounce.”
Futures prices fall in both
Gold prices fell by Rs 185 to Rs 47,587 per 10 grams in the futures market after speculators cut deals due to weak demand. At the Multi Commodity Exchange, the June delivery contract for gold fell by Rs 185, or 0.39 per cent, to Rs 47,587 per 10 grams. In this, deals were done for 11,109 lots. Analysts believe that the futures price of gold has declined due to the speculators reducing their deals. If we talk about global markets, gold prices in New York rose by 0.05 per cent to USD 1,782.90 an ounce.
On the other hand, silver futures prices fell by Rs 327 to Rs 68,891 per kg on Friday as traders reduced their deals in silver. On the Multi Commodity Exchange, silver futures contract fell by Rs 327, or 0.47 per cent, to Rs 68,891 per kg. In this futures contract, deals were done for 8,706 lots. In New York, the price of silver was down by 0.24 percent at $ 26.16 per tri ounce.
(This news has not been edited by the NDTV team. It has been published directly from the Syndicate feed.)