Gold price falls below lifetime high, why this fall happened?
gold prices have fallen and it has slipped below Rs 89,000 per 10 grams. The All india Sarafa Association said that due to weak domestic demand, the price of gold in the bullion market of the national capital slipped below the level of Rs 89,000 per 10 grams. gold of 99.9 percent purity in the national capital fell by Rs 200 to Rs 88,900 per 10 grams.
gold prices have fallen for the second consecutive day in the bullion market. In the last trading session, gold closed at Rs 89,100 per 10 grams. At the same time, gold of 99.5 percent purity fell by Rs 200 to Rs 88,500 per 10 grams. Traders said that gold prices fell due to lack of demand from local jewelers as well as retail buyers.
However, the price of silver rose by Rs 500 to Rs 99,500 per kg. With this, it continued to rise for the fourth consecutive day. silver has gained Rs 3,100 in the last four sessions. gold for april delivery fell by Rs 50 to Rs 85,983 per 10 grams in MCX futures trading. On the global front, gold futures stood at $ 2,929.30 an ounce. Meanwhile, spot gold rose by $ 10.14 to $ 2,921.94 an ounce. However, silver futures fell 0.17 percent to $ 33.28 an ounce in the Asian market.
Saumil Gandhi, Senior Analyst-Commodity at hdfc Securities, said, gold prices fell as investors considered new tariff developments and their implications. There is talk that US President donald trump may consider tariff reduction on mexico and Canada, due to which gold prices have softened. Also, with the key economic data including US ADP non-farm employment, non-farm payrolls and unemployment data coming out, volatility in bullion prices is expected to continue.
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