Gold prices were showing an increase for the last few sessions, which came down today. Due to the slowdown in the global market, today MCX also saw a fall in gold prices. Due to the strengthening of the dollar, investors in the global market are investing money in other options instead of gold.
Due to the fall in the global market, the price of gold has fallen in the Indian market this morning as well. After making gains in the last several sessions, the futures price of gold has broken on Wednesday, but silver is showing a slight rise.
Gold futures of 24-carat purity declined by Rs 82 to Rs 51,075 per 10 grams on the Multicommodity Exchange (MCX). Earlier, gold opened on the exchange at Rs 51,109 and soon came down by 0.16 per cent to close to 51 thousand. Earlier, in the last several consecutive sessions, the futures price of gold had increased, but due to the strengthening of the dollar, gold is coming down again.
Slight increase in silver prices
While the price of gold has broken on MCX, there has been a slight increase in silver prices today. On the multicommodity exchange, the futures price of silver rose by Rs 10 to Rs 61,986 per kg on Wednesday morning. Earlier it had opened at a price of Rs 61,996 but soon it fell a bit. Despite this, the price increased by 0.02 percent to near 62 thousand.
Global Market:
Gold and silver prices are falling today. In the US bullion market, the spot price of gold fell by 0.24 percent to $ 1,863.08 an ounce this morning. At the same time, silver has also declined 0.33 percent and was at $ 22.06 an ounce. In the last few sessions, there was a rise in the prices of gold and silver in the global market, which has again moved towards a fall today.
Therefore, due to the volatility of the prices in the
global market, the demand for gold has decreased due to the strengthening of the dollar once again and the prices have also been affected. The effect of the Russo-Ukraine war is also gradually reducing, due to which the supply in the global market is increasing and the pressure on investors to invest only in safe haven assets is ending. Due to the decline in the global market, gold has become cheaper in the domestic market even though it is the season of weddings.
