Prices of Gold and Silver Drop as a Result of Low Demand
Gold prices declined by Rs 115 to Rs 26,575 per 10 grams on Tuesday as overseas demand of jewelers has decreased. Despite low demand by jewelers and retailers, global trend kept gold and silver under pressure. Gold in
In Deli the gold of 99.9% and 99.5% purity fell by Rs115 each to Rs26,575 and Rs26,425 per 10 grams, respectively. Silver also has lost its price; it has dropped by R800 to Rs37,200 per kg in one day, Livemint reports.
According to overall estimation gold fell 1.4% in a week, becoming $1182.05 an ounce, Reuters reports.
The drop of the prices of gold and silver is directly connected with the tendency that Fed can raise interest rates. The further demand of gold as assets can be reduced in the banks. Savings can appear in the currency (dollar) form rather than as precious metals; gold and silver. So, the low demand dictates low price.
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