Gold and silver have become cheaper in the domestic bullion market on 12 March due to falling prices in global markets. The effect of strengthening rupee was also seen on bullion prices. On Friday, gold prices fell by Rs 291 to Rs 44,059 per ten grams in the bullion market. At the same time, the spot price of silver also fell by Rs 1,096 to Rs 65,958 per kg. Last trading session gold spot prices were recorded at Rs 44,350 per ten grams. However, silver was sold at Rs 67,054 per kg.
According to Tapan Patel, Senior Analyst (Commodities), HDFC Securities, gold prices were weak due to some weekly gains including dollar recovery. In the trading session on Friday, the Indian rupee rose by 20 paise to 72.71 against the dollar. Due to this, the gold spot price fell by Rs 291 per ten gram in Friday’s trading session.
Pressure in the international market as well
In the international market too, pressure was seen on the prices of metals, ie gold and silver. In New York, gold was trading at $ 1,707 an ounce and silver was trading at $ 25.67 an ounce. The impact of the fall in international markets was seen on the Indian bull markets.
Gold futures also break
Gold futures on MCX were down by 0.81 per cent to Rs 44,517 per ten grams due to low demand. On the business turnover of 11,004 lots of gold, April delivery futures prices were down by Rs 362 to Rs 44,517 per ten grams.