According to the All India Sarafa Association, gold and silver prices continued to fall for the second consecutive day in the national capital on Tuesday due to sluggish demand from jewelers and weak global cues. Gold of 99.9 percent purity fell by Rs 1,750 to Rs 77,800 per 10 grams. In the previous trading session, it had closed at Rs 79,550 per 10 grams. Silver also fell by Rs 2,700 to Rs 91,300 per kg, while last time its price had closed at Rs 94,000 per kg.
The price of gold of 99.5 percent purity fell by Rs 1,750 to Rs 77,400 per 10 grams. On Monday, this yellow metal closed at Rs 79,150 per 10 grams. Meanwhile, the price of gold contract for December delivery in futures trading on the Multi Commodity Exchange (MCX) fell by Rs 612 or 0.81 per cent to Rs 74,739 per 10 grams.
Gold under pressure due to strong dollar
Gold prices on Comex continued to remain under pressure due to strength in the dollar index, keeping prices below $2,600. Gold on MCX fell below Rs 75,000 for the first time since October 10. Research analyst Jatin Trivedi, Vice President, Commodity and Currency, LKP Securities, said, “The current downward trend indicates that weakness may continue further, if Comex gold remains below $2,600 and touches $2,500 in the coming sessions, then prices can potentially fall to Rs 72,000.”
