Gold prices record slight drop, international prices at record high
The Gold Prices in the country recorded a marginal drop of 0.19 per cent or Rs 95 at Rs 48,704 per 10 grams. Silver prices also showed a marginal drop by Rs 112 to Rs 50,090 per kg, Economic Times reported. The Gold Prices opened at Rs 47,704 per 10 grams on Wednesday, and went to a high of Rs 49,045 per 10 grams, whereas during the rallying of investors in business hours, the prices went as low as Rs 48,642 per 10 grams.
The retail price of gold differed greatly in various parts of India, which continues to be the largest consumer of the precious metal in the world, due to a variety of factors such as excise duty, state taxes, making charges, and so on.
“We expect both the precious metals to remain firm and any downside correction in the prices will be an opportunity to buy again. Gold will have support at $1,792 per troy ounce /INR 48330, if it sustains above $1,814 per troy ounce /INR 48,830, it could extend gains towards $1,828-1,842 per troy ounce /INR 49000-49220 levels,” Manoj Jain, Director at Prithvi Finmart Pvt Ltd was quoted as saying by Moneycontrol.
Gold Prices in International Market
According to a Moneycontrol report, the International gold prices ended up with a price as anticipated by the investors, by giving out a much-awaited breakout of a little above $1,800 per troy ounce and closed with over 1 per cent gain at $1,809 per troy ounce on the previous business day.
This was almost an eight-year high that was recorded for the gold prices in International markets, establishing the convention of investor sentiment relying on gold at the times of a pandemic-like crisis. Silver prices also increased by close to 1 per cent and closed at $18.70 per troy ounce.
Posted By: Shashikant Sharma