Gold-Silver Rate: Silver also declined by Rs 339 to close at Rs 61,477 per kg. It closed at Rs 61,816 per kg in the last trading session. International gold prices fell to 1, 1,799 an ounce
Gold prices fall
According to the report, Tapan Patel, senior analyst (products) at HDFC Securities, said spot gold was down $ 1,799 an ounce on the New York-based Commodity Exchange Comx on Wednesday, causing gold prices to fall. Gold was trading below 8 1,800 an ounce and traders are waiting for a new signal after the US FOMC meeting.
Gold futures fall
At the local futures market, gold fell by Rs 273 to Rs 47,692 per 10 grams on Wednesday as speculators narrowed their position amid weak spot demand. On the Multi Commodity Exchange (MCX), gold for delivery in February fell by Rs 273, or 0.57 per cent, to Rs 47,692 per 10 grams. It traded for 131 lots. Market analysts said that offloading positions by participants led to a fall in gold futures. Globally, gold prices in New York fell 0.28 percent to USD 1,796.50 an ounce.
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Silver futures have risen
In futures trading, silver rose by Rs 168 to Rs 61,526 per kg on Wednesday as participants extended their position on strong spot demand. On the Multi Commodity Exchange, silver futures for delivery in March rose by Rs 168, or 0.27 per cent, to Rs 61,526 per kg. Of these, 13.48 lots were traded. Market analysts said that the rise in silver futures was mainly due to the buying of new positions by participants in the bullish trend in the domestic market. Globally, silver rose 0.35 percent to .6 22.68 an ounce in New York.