Gold price slowed down due to ceasefire in Gaza, know how cheap gold became - Newztezz Online

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Monday, October 16, 2023

Gold price slowed down due to ceasefire in Gaza, know how cheap gold became

After the ceasefire in Gaza, the Middle East has got a sigh of relief and at the same time the speed of gold has also reduced which is running like the strike rate of Rohit Sharma. Today the price of gold has seen a fall of more than Rs 500.

Due to the announcement of ceasefire in Gaza, there has been a big fall in the price of gold from New York to New Delhi. A fall of more than Rs 500 was seen in the price of gold in the futures market. Whereas in New York, the price of gold has fallen by $ 12 per ounce. If experts are to be believed, there may be a rise in the price of gold in the coming days. Where the situation in the Middle East is bad. At the same time, American banks can also press the pause button on interest rates. Because of which gold may appear to be getting support. Let us also tell you what the price of gold has become.

Gold became cheaper by more than Rs 500 in India

Today, there is a decline in the price of gold in India. According to the data, at 1:13 pm, the price of gold is trading at Rs 58,970 with a fall of Rs 438. However, during the trading session, the price of gold came to Rs 58,880 per ten grams. However, today the price of gold opened at Rs 59,209 per 10 grams. On Friday, the price of gold closed at Rs 59,408.

Silver price also declined

On the other hand, the price of silver also saw a fall of more than Rs 500 during the trading session. On the Multi Commodity Exchange, the price of silver fell by Rs 412 per kg to Rs 70,875 at 1:17 pm. During the trading session, silver became cheaper by Rs 507 and reached Rs 70780. However, today silver opened at Rs 71,200 per kg. On Friday, silver had closed at Rs 71,287 per kg.

Gold and silver prices fell in New York

In the US, gold future is trading at $ 1,923.40 per ounce with a fall of $ 18.10 per ounce in the Comex market of New York. At the same time, the price of gold spot is trading at $ 1,910.64 per ons with a fall of $ 22.18 per ons. A decline is also being seen in the price of silver. Silver future price is down by 0.87 percent at $ 22.70 per ounce. Silver spot price is trading at $ 22.56 per ons with a decline of 0.69 percent.

What do experts say

On the reasons for the fall in gold prices today, Anuj Gupta, Head of Commodity and Currency at HDFC Securities said that gold prices are under pressure today as America, Egypt and Israel have announced ceasefire in South Gaza. After which the tension in the Middle East has reduced. He further said that in the international market today, the broad range of gold prices is at the level of $1,900 to $1,980, while on MCX, the broad range is at Rs 58,700 to Rs 59,500 per 10 grams.

He said that the immediate support of gold price on MCX is at Rs 58,750 to Rs 58,500 while it is facing hurdles at Rs 59,800 per 10 grams. He said that if gold on MCX falls below Rs 58,700, then the price of gold can come down to the level of Rs 58,300 per 10 grams. If the price of spot gold crosses the support level of $ 1,900 per ounce, then the price can touch the level of $ 1,880 per ounce.

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