This week seems to be a good one for buying gold and silver; as both gold and silver prices have been falling for the last four days, except on Tuesday. According to a Hindustan Times report, gold has become cheaper by Rs 1,810 per 10 gram and silver by Rs 9,655 per kg between Monday and Thursday.
In Delhi, gold prices rose by Rs 324 to Rs 50,824 per 10 gram on Friday, that halted its four-day decline over recovery in the international rates of the metal. Also, it had closed at Rs 50,500 per 10 gram in the previous trade.
Meanwhile, Silver prices also bounced back and gained Rs 2,124 to Rs 60,536 per kilogram from the previous rate which was close to Rs 58,412 per kilogram. “Spot gold prices for 24 carats in Delhi halted decline by rising Rs 324, in line with the recovery in international prices,” Tapan Patel, a senior analyst (commodities) at HDFC Securities, told PTI.
As per Patel, gold prices witnessed recovery from Thursday’s evening session as dollar index pared gains on US stimulus hopes. When compared with the record rate of gold, it has become cheaper by Rs 6,444 per 10 gram between August 7 to Friday morning while silver price is also down to Rs 19,758 per kg, Hindustan Times further reported.
The price of gold and silver have fallen due to the rise in the dollar against other currencies, including the rupee. However, as per experts, gold prices in foreign markets fell by 2 percent to $1862 an ounce due to the rise in the US dollar. Experts also believe that gold prices may fall further in the coming days.
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