New Delhi: Spot Gold, on Wednesday (March 9), fell 1.6% to less than $2000 per ounce, snapping their four-session rally that took the yellow metal’s price to within reach of the all-time high of August 2020.
“What we may be seeing now is just a small correction after such a large move over a prolonged period of time (in gold and palladium),” told Craig Erlam, senior market analyst at OANDA, to Reuters.
However, gold in the national capital Delhi increased by Rs 427 to Rs 54,377 per 10 gram. According to HDFC Securities, the hike in the local gold prices were due to the overnight gains in international precious metal prices. In the last trade, Gold had ended at Rs 53,950 per 10 grams.
On the other hand, Silver also moved north Rs 710 to Rs 72,028 per kg from Rs 71,318 per kg in the previous trade.
“Gold prices traded marginally down with spot gold prices at COMEX trading at USD 2,045 per ounce on Wednesday. Gold prices have kept firm trading nearing the record levels on safe-haven buying, combined with inflation fears,” said Tapan Patel, Senior Analyst (commodities), HDFC Securities, told PTI. Also Read: Rakesh Jhunjhunwala portfolio: 5 stocks owned by big bull plummet over 25%, right time to invest?
According to Navneet Damani, Senior VP, Commodities Research, Motilal Oswal Financial Services, “Soaring oil prices and the Ukraine war have not only increased the inflationary concerns but have also slammed appetite for riskier assets in recent weeks” Also Read: Proposed digital currency by RBI to speed up transactions, reduce cost of cash: Report