If you are planning to buy gold during the wedding season, then there is relief news for you. Actually, after reaching record high, gold prices have once again fallen significantly. Gold price on Multi Commodity Exchange (MCX) fell from ₹74367 per ten grams to ₹72111 level during the last three sessions. In this way, gold has become cheaper by ₹ 2256 in three days. The spot price of gold fell to $2354.95 an ounce in Thursday’s session, showing a three-day decline of $71 or 3%. Let us tell you that on Monday it had reached the all-time high of $2,450. In this respect, bullion has improved by 3.9%.
Gold price in Delhi’s bullion market
In the bullion market of the national capital Delhi on Thursday, gold fell by Rs 1050 and closed at Rs 73,550 per 10 grams. In the last trading session, gold had closed at Rs 74,600 per 10 grams. With this, the price of silver also fell by Rs 2,500 and closed at Rs 92,600 per kg. In the last trading session it had closed at Rs 95,100 per kg.
What do experts say
According to HDFC Securities, gold fell sharply after the Federal Reserve meeting showed an aggressive stance in the minutes. The details indicate that US Federal Reserve officials are in no rush to cut interest rates. Let us inform you that the Federal Reserve on Wednesday released the minutes of the meeting of the Federal Open Market Committee held from April 30 to May 1, 2024. The minutes of each regularly scheduled meeting of the Committee are generally published three weeks after the day of the policy decision. On the other hand, UK inflation came in at a stronger-than-expected annualized rate of 2.3% on Wednesday, prompting the market to discount the possibility of a rate cut by the Bank of England in June.
