HomeLatest News & UpdatesBehind the global market, gold fell by ₹ 462 and silver by...
- Advertisment -

Behind the global market, gold fell by ₹ 462 and silver by ₹ 1243 IV news

- Advertisment -
- Advertisment -
- Advertisement -




- Advertisement -

(From Trade Representative)
Mumbai: With the US Federal Reserve hinting at an aggressive hike in interest rates, the dollar index in the global market and the yield of the US Treasury at an 11-year high, spot gold prices fell by 1.7 per cent at the start of the session in London, with indications that gold prices in the local jewelery market also fell by Rs 10 per gram. . There was a gap of 460 to 462. However, as the rupee depreciated by 19 paise against the dollar in the local forex market today, the decline in gold prices was limited compared to the global market due to increase in gold import demand. Further today the global doldrums report also sent silver prices down by Rs. The crack of 1243 was spoken. According to the market instruments, today in the domestic gold and silver market, the price of .999 touch silver was Rs. 1243 reduced to Rs. 56,100 remained at the head. Similarly, in the context of falling prices in gold, stockists and investors lack of new purchases against scattered sales and jewelry manufacturers and retail level demand also remained scattered, at the end of the session the price of 99.5 touch standard gold was Rs. 10 per gram. 460 reduced to Rs. 49,234 and 99.9 touch standard gold at Rs. 462 reduced to Rs. remained at the head of 49,432.
The dollar index strengthened and US Treasury yields rose to an 11-year high as the US Federal Reserve signaled an aggressive rate hike and rising tensions between Russia and Ukraine boosted demand for the safety of the dollar. Thus, as the dollar strengthened, investors’ selling pressure in gold and lack of fresh buying remained at the beginning of the session in London, where spot prices fell 1.7 percent to $1,642.79 from yesterday’s close and futures fell 0.5 percent to around $1,672.10 per ounce. were being quoted, while silver prices were currently quoting around $19.01 an ounce, down 3.3 percent from yesterday’s close.
Overall, despite the Federal Reserve raising interest rates by 75 basis points as expected and signaling an aggressive approach to curb inflation in the future as well, as gold prices have not recorded a major decline, $1,650 per ounce will prove to be an important support level and $1,720 per ounce will prove to be an important resistance level for the next short period. Ajay Kedia, director of Kedia Commodities expressed the possibility.



Post Views:
23

- Advertisement -




- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular