New Delhi. The price of gold on Thursday fell by Rs 1,000 to Rs 70,650 per 10 grams in the local bullion market amid heavy selling by jewelers due to the fall in the prices of precious metals in foreign markets. The All India Sarafa Association said that in the last trading session on Wednesday, gold had closed at Rs 71,650 per 10 grams.
Gold prices continued to decline for the third consecutive day in the national capital and the price of gold of 99.9 percent and 99.5 percent purity fell by Rs 1,000 each to Rs 70,650 per 10 grams and Rs 70,300 per 10 grams respectively. Silver prices also fell by a huge Rs 3,500 to Rs 84,000 per kg. Silver had closed at Rs 87,500 per kg in the previous trading session.
The price of gold has fallen by Rs 5,000 in the last three sessions since July 23. On July 23, the price of gold fell by Rs 3,350 to Rs 72,300 per 10 grams, which is the biggest fall this year. On Tuesday, the government decided to cut customs duty on many products including gold and silver in the budget. Customs duty on gold and silver has been reduced from 15 percent to six percent.
Traders said that gold prices fell due to continuous selling by local jewelers amid weak trend in international markets. In the international market Comex, gold was trading at $ 2,421.80 per ounce with a decline of $ 42.20 per ounce. Apart from this, silver also closed at $ 28.04 per ounce in New York.
According to HDFC Securities Senior Analyst-Commodity Saumil Gandhi, gold declined in European trading hours on Thursday. Gandhi said that apart from this, technical selling and long-term liquidation ahead of the release of important US economic data brought down gold prices.
Tags: Business news, Gold price
FIRST PUBLISHED : July 25, 2024, 20:36 IST