• Source:JND

Gold, Silver Rate Today: The bullion prices plunged significantly amid profit booking post a slight uptick in previous few sessions. According to the All India Sarafa Association, silver fell by around Rs 6,000 to 2.56 lakh per kilogram in the national capital on Wednesday due to negative sentiment domestically. At the same time, the price of 10 grams of gold fell by Rs 1000 to Rs 1.60 lakhs.

The value of this white metal fell by Rs. 6,000 or 2.28 per cent to Rs. 2,56,500 per kg (inclusive of all taxes) compared to Tuesday’s closing level of Rs. 2,62,500 per kg.

In the bullion market, gold of 99.9 per cent purity fell by Rs. 1,000 or 0.62 per cent to Rs. 1,60,300 per 10 grams (including all taxes). The yellow metal (gold) fell by Rs 1050, closed at Rs. 1,61,300 per 10 grams.

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"Gold prices declined as a wave of profit booking by traders met lacklustre physical demand, Dilip Parmar, Senior Research Analyst at HDFC Securities, said.

Meanwhile, spot silver rose 0.79 per cent to $79.92 an ounce in international trading in the evening, while gold fell $16.10, or 0.32 per cent, to $4,989.65 an ounce.

"Precious metal prices exhibited a mixed performance on Wednesday, with gold trading lower at around USD 4,990 per ounce, while silver gained to USD 79.70 per ounce, Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

According to Gaurav, the recent volatility in the bullion market is largely due to investor sentiment ahead of the upcoming policy decision by the US Federal Reserve. Garg said the development created a cautious environment amid concerns about inflation linked to high oil prices due to geopolitical tensions in West Asia.

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According to market experts, investors are closely watching the outcome of the US Federal Reserve policy meeting for the interest rate path formula. This is expected to affect the policy outlook and gold and silver prices.

(With Inputs From PTI)


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