Gold is spooked by reports from Federal Reserve officials, and silver will embrace it after becoming a millionaire

Gold prices today: Gold prices edged lower in the bullion market after reports from central reserve officials weakened precious metals in foreign markets. Investors weighed statements from U.S. Federal Reserve officials in recent days that downplayed the timing of interest rate cuts. The cautious attitude of investors influenced the price of gold and it fell. However, the price of silver shows a strengthening trend and continues to move towards becoming a millionaire. Gold and silver prices in Delhi: On Wednesday, gold prices in Delhi fell by Rs 50 to close at Rs 74,600 per 10 grams. Gold was trading at Rs 74,650 per 10 grams in the last trade. However, the bullion market rose by Rs.600 to close at Rs.95,100 per kg. It was trading at Rs 94,500 per kg on Tuesday. Gold softens in international market Spot gold (commodity market) traded at $2,417 per ounce in the international market, three dollars lower than the previous closing price. However, silver is trading higher at $31.75 per ounce. Silver was last traded at $31.60 per ounce. Gold prices also fell in futures trade as speculators cut back on deals, with gold prices down by Rs 121 to Rs 73,900 per 10 grams on Wednesday. The contract for June delivery on the Multi Commodity Exchange (MCX) fell by Rs 121 to Rs 73,900 per 10 grams. Out of which 9,431 loads were traded. Silver prices fell in futures trade as gold prices eased, market analysts said. Silver prices fell by Rs 204 to Rs 94,521 a kg in futures trade on Wednesday as traders trimmed contract volumes amid subdued demand. On the MCX, silver for delivery in July fell by Rs 204, or 0.22 per cent, to Rs 94,521 per kg. Out of this, 27,527 loads were traded. Office space IPOs touched Rs 364-383. Experts say gold fell further on Wednesday as investors began to wait for the US Fed announcement, said Soumil Gandhi, senior analyst-commodities at HDFC Securities. Reserve officials assessed recent reports as underestimating the timing of interest rate cuts. He said traders are now closely watching the minutes of the US Federal Open Market Committee (FOMC) meeting, which will be released on Wednesday, as it could give an indication of the direction of the US central bank's monetary policy. Frightened by reports of Federal Reserve officials, gold falls four and a half steps away, silver falls from a great height, silver accepts becoming a millionaire appeared first on Prabhat Khabar.