Big change in gold and silver prices during wedding season.
Gold prices rose by Rs 950 to Rs 79,300 per 10 grams in the Delhi bullion market on Tuesday, 17 December 2024, due to fresh buying by jewelers at the current level to meet the demand of the wedding season
Apart from this, the two-day meeting of the US Federal Reserve is starting on Tuesday. The decision on the interest rate of the Federal Reserve may affect the overall performance of gold next year. The price of 99.9% purity gold closed at Rs 78,350 per 10 grams on Monday.
Silver prices fell for the third consecutive day
Silver continued to decline for the third consecutive day and fell by Rs 1,000 to Rs 91,500 per kg, while its previous closing price was Rs 92,500 per kg. Meanwhile, on Tuesday, the price of gold of 99.5% purity jumped by Rs 950 to Rs 78,900 per 10 grams. In the previous trading session, it closed at Rs 77,950 per 10 grams.
Gold prices rise due to increased demand
Traders said that the yellow metal rose due to purchases by jewelers during the wedding season and increased demand for gold as a safe investment. In international markets, Comex gold futures fell by $ 15.50 an ounce to $ 2,654.50 an ounce. Chintan Mehta, Chief Executive Officer of Abans Holdings, said, “Gold prices remained stable due to mixed economic data in the US, increasing uncertainty about future interest rate cuts. Manufacturing PMI was weaker than expected, while service PMI was higher than forecasts.” Silver was trading 0.99 percent lower at $ 30.75 an ounce in Asian trading hours.
