Gold silver price: The fall in the price of gold and silver continues. There is a decrease in the prices of these metals from domestic markets to international markets. It is being said that the US Federal Reserve is going to increase the interest rates, due to which the gold and silver prices are running at a lower level. According to estimates, the US central bank can increase interest rates by up to 100 basis points or 1 percent. The situation of gold and silver has become such that the rate has gone down to a four-month low. The big reason behind this is being told to sell gold.
Gold futures on MCX saw a fall of 1.3 percent i.e. up to Rs 600 and the price per 10 grams reached Rs 46,029. There was a similar decline in silver which reached Rs 63,983 per kg with a slippage of 1.6 percent i.e. Rs 1000. In the last trading session, the price of gold and silver has seen a fall of up to Rs 1,000 and Rs 2,000. In international markets too, gold fell up to 4.4 percent, as US jobs data raised concerns about an early rate hike. On Monday, the spot price of gold was $ 1,722.06 per ounce (down 2.3 percent).
impact of the recession on prices
Gold has failed to regain the $1,750.00 level and the outlook remains bearish. Friday's non-farm payroll data and potentially this week's US infrastructure bill put the Fed tapering off firmly ahead of the end of the year. This was stated by Jeffrey Haley, senior market analyst for the Asia Pacific at OANDA, in a Reuters report.
With this, silver fell by 7.5 percent, which was more than the eight-month low of $ 22.50 an ounce. It had fallen by 1.9 percent last time. Platinum fell 0.9 percent to $ 971.05, having previously reached a low of $ 959.93 in November 2020. Palladium was flat at $2,626.56.
Gold and Silver condition in Delhi
Here in Delhi on Tuesday, gold rose by Rs 24 to Rs 49,766 per 10 grams in the bullion market. Due to this, the yellow metal had closed at Rs 49,742 per 10 grams in the previous trading session. Contrary to this trend, silver fell by Rs 222 to Rs 57,192 per kg. Silver had closed at Rs 57,414 per kg in the previous trading session.
In the international market, gold was at $ 1,669 an ounce with a loss. Silver was steady at $19.27. HDFC Securities Senior Analyst (Commodities) Tapan Patel said the spot price of gold in Comex (commodity market) was at $ 1,669 an ounce with a loss of 0.43 percent. There was a weakness in gold ahead of the FOMC (Federal Open Market Committee) meeting. (Language and Input from Reuters)