last few days Since then there was a continuation of rise in the price of gold and silver. However, now once again the prices of both these precious metals have started declining. Due to a weak global trend, gold prices on Monday fell by Rs 574 to Rs 57,155 per 10 grams in the bullion market of the national capital Delhi. In the previous trading session, gold had closed at Rs 57,729 per 10 grams. Silver also declined by Rs 2,113 to close at Rs 68,133 per kg.
Sharp decline in global economy
In overseas markets, gold prices declined to $1,875 an ounce, while silver was trading lower at $23.48 an ounce. Navneet Damani, senior vice-president, commodity research, Motilal Oswal Financial Services, said investors would also be watching the Reserve Bank’s Monetary Policy Committee meeting and US Federal Reserve chief Jerome Powell’s address this week.
Spot demand on the rise
Gold prices on Monday rose by Rs 402 to Rs 56,987 per 10 grams in futures trade as speculators created fresh positions due to strong demand in the spot market. At the Multi Commodity Exchange, the contracts for delivery in April advanced by Rs 402, or 0.71 per cent, to Rs 56,987 per 10 grams. There was a turnover of 17,353 lots. Market analysts said fresh positions created by traders mainly influenced the rise in gold prices at futures. Globally, gold rose 0.61 per cent to USD 1,888.10 an ounce in New York.
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