On Wednesday, gold fell by Rs 614 to Rs 50,750 per 10 grams in Delhi's Sharafi market due to a weak global trend, while in Ahmedabad, gold fell by Rs 630 to Rs 49,000 per 10 grams. According to HDFC Securities, gold closed at 51,634 (Delhi) per 10 grams in the last trading session. Silver also declined. In Delhi, silver fell by Rs 1,988 to Rs 59,720 per kg. Silver had closed at Rs 61,618 per kg in the previous session. In Ahmedabad, the price of silver has declined by Rs 1,600 to Rs 59,000 per kg. Gold in global markets declined to 18 1874 an ounce while silver also fell to 23 23.26 an ounce.
Broken gold futures market due to weak demand
from the demands of speculators in the futures market trades to reduction kane gold 49.698 to close at 1.36 percent on Wednesday, with thunderstorms weakened sank to 10 grams. At the Multi Commodity Exchange, gold for delivery in October fell by Rs 683, or 1.36 per cent, to Rs 49,698 per 10 grams. This included trading for 8176 lots. Gold in New York, on the other hand, fell 1.48 percent to 7 1879.30 an ounce.
Silver also fell by Rs 2,812
Silver also fell in the futures market as speculators cut deals amid weak demand. On Wednesday, silver fell by Rs 2,812 to Rs 58,401 per kg. On the Multi Commodity Exchange, silver for delivery in December fell by Rs 2,812, or 4.59 per cent, to Rs 58,401 per kg. Of these, 15,977 lots were traded. Silver in New York, meanwhile, fell 4.48 percent to ટકા 23.43 an ounce.
Demand will be low this festive season
The price of gold rises sharply during October-November. This is because of the coming of the festive season. Gold always seems to shine closer to Diwali but this time people are facing economic hardship due to the Koro epidemic which is having a direct impact on gold demand. According to a Mumbai-based gold dealer, demand is expected to remain low during the festive season this time as prices have gone up sharply.
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