Business
Gold and Silver Prices See Significant Drops
Gold and silver prices took a hit on Thursday, July 25, 2024, as the market reacted to various economic signals. The price of 24-carat gold decreased by ₹44.0, bringing it down to ₹7067.2 per gram, while the rate for 22-carat gold dropped by ₹39.0 to reach ₹6473.6 per gram.
In Delhi, the gold rate today stands at ₹70672.0 for 10 grams, a notable drop from ₹75048.0 yesterday. In Chennai, the price was slightly lower at ₹70534.0 per 10 grams. Similarly, rates were reported at ₹70672.0 in both Mumbai and Kolkata.
If we look at the silver rates, they too faced a decline, with the current price in Delhi being ₹85030.0 per kg. Just a day earlier, the silver price was ₹88370.0 per kg, showing a hefty decrease.
The recent falls are attributed to a combination of factors, including international market trends and local demand. On the MCX, the gold August 2024 futures traded at ₹73121.0 per 10 grams, while silver for December 2024 was down to ₹92020.0 per kg.
Experts note that the weakening of gold and silver prices is a reflection of global sentiments. Investors are closely watching upcoming economic data from the US that may influence central bank decisions. Current spot gold prices fell 0.9% to $2,377.29 per ounce, while US gold futures dropped 1.6% to $2,376.70.
Rahul Kalantri from Mehta Equities commented on these shifts, mentioning that concerns from China’s economy are increasing risk aversion among investors. However, he suggested that expectations of a rate cut by the Federal Reserve in upcoming meetings could offer some support to gold prices.
Technical analysts have indicated that gold has a support level around ₹65,800 per 10 grams, a key figure to watch in the coming days. With anticipated festival season buying, there may be short-term boosts despite the prevailing weakness in the market.
In recent weeks, silver has seen sharper declines compared to gold, with a nearly 9.2% drop overall. Analysts continue to monitor this metal closely, looking for potential rebounds as the market reacts to fluctuating global demand.
