India: Elongating the losses from the last sessions, gold prices fell approximately Rs 2,000 per 10 grams on Wednesday. Gold price in the last two trade sessions has crashed around 10 percent to Rs 51,579 per 10 gm.
The all-time high gold price was at Rs 56,191, previous week. Earlier, Gold prices have risen upto Rs 6,236 which breach the Rs 50,000-mark on the downside.
On July 21, Gold prices were optically discerned below Rs 50,000 last time. It is the continuous third fall today with today’s crash in the gold prices which reflects the plunge in international rates.
According to some analysts, the news of Russia approving world’s first covid vaccine triggered profit-taking in gold and silver.
Silver prices also crashed for the third time continuously. It falls over Rs 6,000 per kg in just one day. Silver prices have reached to Rs 17,039 per kg in the domestic market whereas the high record is of Rs 77,949 per kg.
Ajay Kedia, Kedia Advisory, Mumbai, verbalized “Gold futures opened with a gap down on MCX trading below 50000 levels down nearby 4% tracking impotency from International gold prices which had posted their most sizably voluminous one-day percentage loss in approximately five months as investors focused attention on a rally in US Treasury yields and a climb in the equities toward its all-time closing high.”
Gold October predictions were ruling Rs 1,395 or 2.69 percent down at Rs 50,534/10 grams and silver September predictions were trading at Rs 62,460/ kg, down Rs 4,474 or 6.68 percent at 10.30 AM.
Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers verbally expressed “The dollar has additionally rebounded and investors are running to book profits. Today will be a volatile session with a downward inequitableness,”