Big relief for the middle class, gold became cheaper by more than ₹ 4,100 in 4 days

Business News. Amid the tariff war between the US and China, there is some good news for the middle class of India. The special thing is that the price of gold has fallen for the fourth consecutive day in the capital of India, Delhi. In these four days, the price of gold has fallen by more than Rs 4100. According to experts, the price of gold may fall further in the coming days. On the other hand, the price of gold has increased by more than Rs 2,600 in the futures market of the country. Let us also tell you how much the price of gold has become in the capital of the country, Delhi and the futures market.

Gold prices crashed in Delhi

According to the All India Sarafa Association, gold prices in the country's capital Delhi fell by Rs 1,050 to Rs 90,200 per 10 grams. At the time of last market closing, gold with 99.9 percent purity closed at Rs 91,250 per 10 grams. Gold with 99.5 percent purity fell by Rs 1,050 to Rs 89,750 per 10 grams, while on Tuesday it closed at Rs 90,800 per 10 grams. However, the price of silver increased by Rs 500 to Rs 93,200 per kg. On Tuesday, the white metal closed at Rs 92,700 per kg. The price of silver has increased for the second consecutive day. Silver has become costlier by Rs 700 in two days.

Gold rocketed on MCX

There is a tremendous increase in the price of gold in the futures market of the country. If we look at the data of Multi Commodity Exchange, at 6:55 pm, there was a rise of Rs 2,298 in the price of gold and the price was at Rs 89,946. Whereas during the trading session, the price of gold increased by Rs 2,629 and the price reached the day's high with Rs 90,277. The lifetime high of gold on MCX is Rs 91,423. Gold prices still need to rise by Rs 1,500 to cross this level. Meanwhile, spot gold rose by $ 61.98 or 2.08 percent to $ 3,044.14 per ounce in foreign markets. Spot silver rose by about two percent in the Asian market to $ 30.41 per ounce.

Why did foreign markets increase

Saumil Gandhi, Senior Analyst Commodity at HDFC Securities, said that the world economy went into recession due to fears of a full-blown global trade war, which again increased the demand for safe haven assets. This pushed gold to the level of $ 3,030. President Donald Trump has imposed additional duty on China, which has now become 104 percent duty.

China takes action too, imposes restrictions on exports

China has also taken action in this matter and increased the tariff on America from 34 to 84 percent. The retaliatory measures taken by China will be effective from April 10. This latest development raises concerns about the possibility of a full-blown trade war with the US. Gandhi said that apart from this, Trump's tariff policy continued to put pressure on the US dollar, which fell for the second consecutive day, which further benefited the prices of gold.

Month meeting and US inflation figures 

According to Chintan Mehta, Chief Executive Officer (CEO) of Abans Financial Services, investors will keep an eye on Trump's evolving tariff strategy and its macroeconomic implications. Mehta said market participants will also closely monitor the minutes of the US Federal Reserve's Federal Open Market Committee (FOMC) meeting and upcoming US inflation data, which may provide more indications about how the central bank may respond to rising trade risks.