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weddings There has been a big drop in the price of gold and silver in the season. Gold fell by Rs 473 to Rs 53,898 per 10 grams in the Delhi bullion market on Tuesday amid a fall in the yellow metal’s price in overseas markets. Following gold, silver also declined by Rs 1,241 to Rs 65,878 per kg. In the previous trading session, gold had closed at Rs 54,371 per 10 grams. HDFC Securities gave this information. Bullion market experts say that there is a good opportunity for gold and silver. No major drop in price is expected going forward.
Fall in international market as well
In the international market, gold was trading with losses at $1,770.75 an ounce. Silver was also trading with losses at $22.38 an ounce. Dilip Parmar, research analyst at HDFC Securities, said better-than-expected US services data has put pressure on the Federal Reserve to keep interest rates high. This led to a decline in the yellow metal. This trend may continue even further. This is a great opportunity for people preparing to buy gold and silver during the wedding season.
attractiveness has decreased due to increase in price
The country’s gold imports declined by 17.38 per cent to $24 billion in the first seven months (April-October) of the current financial year. Gold imports stood at $29 billion in the corresponding period of the previous financial year. According to the data, gold imports declined by 27.47 per cent to $3.7 billion in October compared to the same month last year. Similarly, silver imports also declined by 34.80 per cent to $585 million in October. However, silver imports rose to $4.8 billion in April-October from $1.52 billion in the same period last fiscal. The trade deficit on goods for April-October, 2022 stood at $173.46 billion as against $94.16 billion in the same period last year. Experts say that the attraction towards gold has decreased due to the constant price of gold being beyond 50 thousand. This reduced the demand.
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