Buy gold immediately, today there is a big drop in prices

Photo:FILE Gold Rate

Gold and silver prices rising at a record breaking pace have given great relief to the customers today. Today the prices have registered a decline. However, despite this decline, gold is still trading above the level of Rs 57000 per 10 grams. Talking about today’s prices, gold prices on Wednesday declined by Rs 310 to Rs 57,070 per 10 grams in the national capital’s bullion market amid a weak trend in the prices of precious metals in the international market.

According to HDFC Securities, gold had closed at Rs 57,380 per 10 grams in the previous trading session. Silver also lost Rs 90 to Rs 66,535 per kg. HDFC Securities Senior Analyst Saumil Gandhi said, “Spot gold prices declined by Rs 310 to Rs 57,070 per 10 grams in the Delhi market.”

In the international market, gold declined to USD 1,891 an ounce, while silver remained unchanged at USD 21.61 an ounce. Gandhi said the US dollar and bond yields were up amid expectations of a 0.25 per cent rate hike by the US Federal Reserve in the next meeting after the US inflation data came out.

Gold futures rise

Gold prices rose by Rs 19 to Rs 57,661 per 10 gram in futures trade due to fresh positions created by speculators in strong demand at the spot market. On the Multi Commodity Exchange, the contracts for delivery in April rose by Rs 19, or 0.03 per cent, to Rs 57,661 per 10 grams. There was a turnover of 9,492 lots. Market analysts said fresh positions created by traders mainly influenced the rise in gold prices at futures.

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