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Profit-Booking Pulls Gold Down ₹900, Silver ₹600 from All-Time Highs
Gold Silver Price: Gold and silver prices fell from record highs on Wednesday. The yellow metal, with 99.9 percent purity, fell by ₹900 to ₹1,18,000 per 10 grams (including all taxes). Silver also fell by ₹600 to ₹1,39,000 per kilogram (including all taxes).
Prices of gold and silver dropped from all-time highs on Wednesday as investors cut positions at higher levels after US Fed Chairman Jerome Powell played safe on lowering interest rates. The yellow metal of 99.9 percent purity dropped ₹900 to ₹1,18,000 for every 10 grams (all taxes included). Gold of 99.5 percent purity dropped ₹900 to ₹1,17,400 for every 10 grams. The white metal dropped by ₹600 to ₹1,39,000 per kilogram (all taxes included). This was confirmed by the All India Sarafa Association.
Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, said gold prices have fallen slightly from their record highs due to the dollar's improvement and hawkish comments made by Federal Reserve Chairman Jerome Powell in his speech on Tuesday. Gandhi said that despite Wednesday's slight decline, safe-haven investors are moving towards precious metals due to ongoing geopolitical uncertainty, which will help prevent a major correction in bullion prices.
Spot gold dropped slightly to $3,760.36 an ounce in the foreign markets. It had hit a new high of $3,791.11 an ounce on Tuesday. Spot silver traded 0.38 percent down at $43.87 an ounce. The white metal had reached a high of $44.48 per ounce on Tuesday.
