According to HDFC Securities, the price of gold in the nation’s capital dropped by Rs 480 on Wednesday, bringing the price of 10 grams of gold down to Rs 58,770 despite falling prices of the valuable metal internationally. During the previous transaction, the price of the yellow metal had stabilized at Rs 59,250 per 10 grams.
The price of a kilogram of silver fell by 345 rupees, reaching 68,850 rupees.
According to Saumil Gandhi, a senior analyst specializing in commodities at HDFC Securities, “Spot gold prices in the Delhi markets traded at Rs 58,770 per 10 gram, a decrease of Rs 480 per 10 gram.”
Both gold and silver were quoting at lower prices in international markets, with silver coming in at USD 22.34 per ounce and gold coming in at USD 1,939 per ounce.
Prices on the Comex for gold traded downward during Asian trading hours on Wednesday, following a correction of nearly 1.80% in the previous session’s trading session.
The fear of a banking catastrophe has subsided, and investors have reduced their position in preparation for the outcome of the Federal Reserve policy meeting that will take place later on Wednesday, according to Gandhi. This has caused the comex gold price to drop by more than 3 percent from its recent peak of USD 2,010 per ounce.
