Gold Rate: Best chance to buy gold in the new year, prices have fallen in the bullion market.
Gold and Silver Prices: A Great Time to Buy! If you’re thinking about gifting gold or silver jewelry for the New Year, or if you’re planning to buy something special for your sister or daughter’s wedding, now is a great time to do it! The reason is that gold prices have dropped in the Delhi bullion market. However, silver prices have gone up. According to the All India Bullion Association (AIBA), the gold rate in Delhi has decreased by ₹100, bringing it down to ₹78,600 per 10 grams as of Tuesday, December 24, 2024. Price Changes: -Gold Price: Decreased by ₹100 to ₹78,600 per 10 grams. – Silver Price: Increased by ₹500, reaching ₹90,500 per kilogram. It was ₹90,000 per kilogram just the day before. On December 25, 2024, the bullion market was closed for Christmas, but the price for 99.5% pure gold fell to ₹78,200 per 10 grams Globally, the futures trading for Comex gold remained stable at $2,628.30 per ounce.
Market Pressures:
Pranav Mer, Vice President of EBG Commodity and Currency Research at JM Financial Services, mentioned that trading was low due to the holidays, which kept gold prices stable. After last week’s decline, there was some recovery in prices. However, the strength of the dollar in foreign markets continued to put pressure on gold prices. Silver Futures: According to Soumil Gandhi, a senior commodity expert at HDFC Securities, trading volume was quite low leading up to Christmas. He noted that after the drop on December 20, the strengthening of the U.S. dollar created a challenging situation for precious metals. In the foreign market, the futures rate for Comex silver fell by 0.13%, settling at $30.15 per ounce.
