Gold and silver slipped in futures market
On Wednesday, gold prices fell by Rs 137 to Rs 53,030 per 10 grams in Delhi Bullion Market. HDFC Securities gave information about this. It closed at Rs 53,167 per 10 grams on Tuesday. The strength of the rupee in the foreign currency exchange market led to a decline in gold. On Wednesday, the rupee strengthened 12 paise to 73.52 against the dollar. Silver also declined by Rs 517 to Rs 70,553 per kg. On Tuesday, the price of silver was Rs 71,070 per kg. In the international market, however, gold was trading at $ 1,967.7 an ounce. Silver was steady at $ 27.40 an ounce.
Silver futures up on rising spot demand
Silver prices rose by Rs 33 to Rs 69,000 per kg in the futures market on Wednesday as speculators made new deals amid pick up in demand in the spot. On the Multi Commodity Exchange, the silver contract in December rose by Rs 33, or 0.05 per cent, to Rs 69,000 per kg. It traded for 17,130 lots. Analysts said speculative futures prices rose as speculators entered new deals. Globally, silver was up 0.59 percent at $ 27.63 an ounce in New York.
Charm for gold and silver
Economic sluggishness, disputes between the US and China and weakness in the dollar are expected to support the rise of gold and silver further. Commodity experts believe that the attraction for gold and silver investors is still there because the corona havoc is not yet postponed and there is uncertainty in the stock market. Experts say that investors’ attraction to expensive metals has not decreased.