In the domestic market as well as in the global market, both the metals have seen a declining trend. In the international market, gold was trading lower at $ 1,615.7 an ounce.
Gold and silver prices fall on Wednesday
Ahead of the festive season, the fall in gold and silver prices continues, on Wednesday also, a fall in the prices of gold and silver has been recorded. Gold has become cheaper by Rs 161 on the third trading day of the week, while silver prices have fallen by Rs 1198. Talking about the price of bullion market on Wednesday, 10 grams of gold of 999 purity is being sold for Rs 49368. There has also been a decrease in the price of silver. On Wednesday, the prices of 1 kg of silver have come down to Rs 54193.
According to the official website of Indian Bullion and Jewelers Association, ten grams of gold of 999 purity is being sold for Rs 49505 at 6.38 pm on Wednesday, while the price of 916 purity gold is close to Rs 45374.
What was the condition of the futures market?
Talking about the futures market, on Wednesday, the price of gold fell by Rs 204 to Rs 49,246 per 10 grams. On the Multi Commodity Exchange, gold for delivery in October fell by Rs 204, or 0.41 per cent, to Rs 49,246 per 10 grams.
Global market also down
In the domestic market as well as in the global market, both the metals have seen a declining trend. In the international market, gold was trading lower at $ 1,615.7 an ounce, while silver prices declined and stood at $ 18 an ounce.
how will it go next
Experts believe that due to the festive season, there is a possibility of a rise in gold in the coming days. However, in the last few days, the signs of recession are being seen at the global level, there is little possibility of such a boom as is seen every year in the Diwali season. According to market experts, an event like Diwali holds a lot of hope for the bullion industry. In such a situation, it is expected that there can be an increase in demand. Due to increase in demand in the domestic market, the price of gold can go up to Rs 50,000 per 10 grams.