The effect of the fall in the global market was also visible in the domestic market today and there was a big reduction in the prices of gold and silver.
The price of gold once again fell below 50 thousand. After the statement from the Fed Reserve to control inflation, the stock markets are showing an increase, due to which the price of gold has come down.
After the statement of US central bank Fed Reserve leader Jerome Powell controlling inflation, the stock markets seem to be returning, while the sell-off has led to a fall in gold prices. Its effect was visible on the domestic bullion market and even in the wedding season, the rate of gold came down below 50 thousand.
On the Multicommodity Exchange (MCX), the futures price of 24 carat purity rose by Rs 284 to Rs 49,889 per 10 grams on Wednesday morning. In the morning the rate of gold on the exchange opened at 50,120 and started trading. But, due to increased selling and low demand, soon the rate started showing a decline of 0.57 percent and the futures price fell below Rs. 50 thousand.
On the lines of gold, the prices of silver also saw a fall this morning. Silver futures fell by Rs 518 to Rs 60,338 per kg on the Multicommodity Exchange. Earlier, the price of silver on the exchange opened at 60,752 and trading started. But, due to reduced demand and increased selling, after a while the futures price came down by 0.85 percent and trading started around 60 thousand.
There was also a decline in the global market
Gold and silver prices have also declined in the global market. In this morning’s trading, the spot price of gold in the US market was $ 1,809.58 an ounce, which was 0.28 percent lower than the previous price. On the same lines, silver prices also declined and the spot price came down by 0.46 per cent to $ 21.53 an ounce. Till last month, silver was selling around 72 thousand.
Hence the fall in the yellow metal coming
The head of the US central bank Fed Reserve, Jerome Powell, had made a statement a day earlier that interest rates would be increased until inflation was controlled. After this statement, investor confidence in the stock market seems to be returning. Due to this, investors who consider gold as a safe haven have started turning to the stock market again, due to which the demand for gold is also decreasing.
