The biggest drop in gold prices
Gold-Silver New Rates: This season of festivals has brought great news. A day before Janmashtami, there has been a big drop in gold prices in the domestic market. At the same time, silver became cheaper by 3000 rupees in a day.
The continued rise in gold and silver prices has now stopped. There was a big fall in gold prices on Tuesday. On Tuesday, Gold Price Down in Delhi Bullion Market has become cheaper by Rs 1,317 per ten grams. At the same time, the price of one kilogram of silver (Silver Price Down) decreased by Rs 2,943. Traders say that due to the strengthening of the rupee, gold prices have fallen in the domestic market. Gold prices may fall further in the coming days.
New Gold Prices (Gold Price on 11 August 2020)
On Tuesday, gold price of 99.9 per cent purity in Delhi Bullion market fell from Rs 56,080 per 10 gram to Rs 54,763 per 10 gram. During this period, prices have fallen by Rs 1,317 per 10 grams. At the same time, the price of 99.9 per cent gold in Mumbai has come down to Rs 54528 per ten grams.
New Silver Prices (Silver Price on 11 August 2020)
Like gold on Tuesday, the price of silver has fallen drastically. In Delhi, the price of one kilogram of silver has come down from Rs 76,543 to Rs 73,600. During this period, prices have fallen by Rs 2,943. At the same time, the price of silver in Mumbai has come down to Rs 72354. per kg.
What is the opinion of experts on gold prices
HDFC Securities Senior Analyst (Commodity) Tapan Patel says that due to the strengthening of the rupee against the US dollar, the pressure on gold prices increased. At the same time, internationally, gold prices have come down to $ 1,989 an ounce. Also, the coronavirus vaccine made by Russia has improved its global sentiment. Due to which the stock market has returned sharply. That's why investors sold gold sharply.
Will gold be cheaper
Kotak Securities said in a note, "If the US dollar gets stronger then the fall in gold may increase. In such a situation, do new deals only after waiting for the fall.