New Delhi: Due to the strengthening of the Indian rupee against the US currency dollar and falling prices globally, there has been a hat-trick of falling gold prices in the domestic bullion market. In Delhi's Sarafa Bazar, the price of 10 grams of gold has dropped from Rs 38,849 to Rs 38,775 on Wednesday. At the same time, a slight decline of Rs 10 has been recorded in silver during this period.
Experts say that prices in foreign markets have fallen very fast. Along with this, the rupee has strengthened back due to the weakening of the US dollar. This is the reason why gold prices are decreasing. Significantly, since Monday, gold prices have fallen by Rs 572. According to HDFC Securities, the price of 24 carat (99.9 per cent purity) gold in Delhi has come down by Rs 74 to Rs 38,775 per ten grams. Silver also showed a slight reduction of Rs 10 and it was reduced to Rs 48,590 per kg.
Commodity experts of HDFC Security have said that buyers of gold are waiting for some 'correction' in its prices before the festival and royal interest season demand. However, on Thursday, gold in the international market New York closed strongly at $ 1,490 an ounce.