Gold prices dropped by almost Rs 1,000 from their record high, trading at Rs 85,700 per 10 grams on MCX. Silver fell significantly by Rs 2,800 over the past week, with futures quoted at Rs 94,249 per kg. US Spot Gold prices dipped by over 0.5%, with COMEX gold hovering above $2,910 per ounce. Delhi bullion market showed resilience, with 99.9% pure gold rising by Rs 250 to Rs 89,350 per 10 grams. Silver in the Delhi market continued to fall, declining Rs 500 to Rs 99,500 per kg. Market factors influencing prices include US inflation concerns, Federal Reserve policies, exchange rates and domestic demand.
Key Highlights:
Gold and Silver Prices Drop Amid Market Volatility:
Gold prices witnessed a significant drop of nearly Rs 1,000 from their peak levels, with Multi Commodity Exchange (MCX) gold trading at Rs 85,700 per 10 grams on February 27. This decline aligns with global trends, as COMEX gold stayed above $2,910 per ounce while US spot gold prices saw a 0.5% dip.
Similarly, silver prices experienced a steep fall of Rs 2,800 over the past week, continuing the downward trend. Silver futures on MCX declined by Rs 392 to trade at Rs 94,249 per kg. The bullion market’s performance reflects investor concerns over US inflation and speculation on the Federal Reserve’s future monetary policy stance.
MCX Futures: Decline Continues:
Gold futures on MCX recorded a fall of Rs 113 from the previous closing of Rs 85,874, trading at Rs 85,761 per 10 grams. The silver market also reflected a declining trend, with silver futures quoted at Rs 94,249 per kg after a Rs 392 drop.
Mixed Trends in Delhi Bullion Market:
Despite the decline in MCX futures, Delhi’s physical gold market saw an increase for the second consecutive day. The price of 99.9% pure gold rose by Rs 250, reaching Rs 89,350 per 10 grams. However, silver prices in the capital continued to decline, falling below Rs 1 lakh per kg, with a Rs 500 drop to Rs 99,500 per kg.
Global Market Impact on Gold Prices:
Several key factors influence gold and silver prices, including:
- US Inflation: Persistent concerns about rising inflation in the United States have impacted gold prices globally.
- Federal Reserve Policy: Traders are closely monitoring the Fed’s stance on interest rates and monetary policy, which could impact bullion demand.
- Import Taxes and Exchange Rates: Changes in these factors can influence gold imports and pricing in domestic markets.
- Domestic Demand: Local market trends and festival demand also contribute to price fluctuations.
Gold prices have cooled after reaching record highs in 2024, reflecting global economic concerns and inflationary pressures. While MCX gold saw a decline, the Delhi bullion market remained strong. Silver, however, continues its downward trend. Investors and traders will closely watch upcoming economic policies and inflation trends to anticipate further movements in bullion prices.
For real-time updates on gold and silver prices, stay tuned to Hindustan Herald.
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