Gold Silver Rate: Due to heavy selling by jewelers and stockists, gold fell by Rs 1400 to below Rs 80,000 in the bullion market of the national capital on Friday. Apart from this, silver declined by Rs 4200. All India Sarafa Association gave this information. Traders said that apart from this, the weak trend in the international markets put heavy pressure on bullion prices.

The biggest decline in silver in December

The price of gold of 99.9 percent purity fell by Rs 1400 to Rs 79,500 per 10 grams. In the previous session, it closed at Rs 80,900 per 10 grams. Silver fell by Rs 4,200 to Rs 92,800 per kg. This is the biggest decline in the month of December. In the last trading session on Thursday, silver closed at Rs 97,000 per kg. The price of gold of 99.5 percent purity also fell by Rs 1400 to Rs 79,100 per 10 grams, while its price was Rs 80,500 per 10 grams on the previous day.

Gold price falls to $2670 in Comex

Jatin Trivedi, Vice President (Research Analyst), LKP Securities, said that there was a sharp sell-off in gold due to profit-booking after the fall in the producer price index (PPI) in the US and the increase in weekly unemployment claims. Due to this, the price of gold in Comex (commodity market) has come down to $ 2670 per 10 grams. Comex gold futures fell by $ 18.60 an ounce to $ 2,690.80 an ounce. Silver fell by 1.42 percent to $ 31.17 an ounce.

Know what commodity experts say

HDFC Securities Senior Analyst (Commodities) Saumil Gandhi said that the improvement in the dollar and mixed macroeconomic data in the US prompted traders to book profits ahead of the Federal Reserve's last policy meeting of the year, which led to a decline in gold on Friday. Even after the release of the data, traders are anticipating a 0.25 per cent cut in the key interest rate at next week's Federal Reserve meeting, but the path of monetary policy for next year remains highly uncertain.