Due to the rising inflation and the strengthening of the dollar, the prices of gold and silver are falling continuously.Â
In the global market too, gold is still at a three-month low, while in the domestic market, the price of gold on MCX has decreased by Rs 1,500 in just one week.
Due to the rising iIndian customers are also getting the benefit of the fall in the prices of gold and silver in the global market. Despite being the wedding season, the price of gold is still at a three-month low and in just a week, gold has become cheaper by Rs 1,500 per 10 grams.
Gold futures of 24-carat purity fell 0.03 per cent to Rs 50,158 per 10 grams on the Multicommodity Exchange (MCX) on Friday morning. This week the price of gold has fallen by about Rs 1,500. This morning trading in gold started from the level of Rs 50,067 and soon there was a slight jump in it.
The price of gold is currently at a three-month low. In the previous session itself, the price of gold had come down by 1.2 percent. In the beginning of March, the price of gold had reached close to 56 thousand
Like gold, the price of
silver has also come down significantly. However, on MCX this morning, the futures price of silver is seeing a rise of 0.3 percent at Rs 58,920 per kg. Due to this, the price of silver had come down by 3.3 per cent i.e. around Rs 2,000 in the previous session. Today silver trading started at Rs 58,954 per kg, but after a while it declined.
Where is the rate in the
global market Even in the global market, the prices of gold have just reached a three-month low. Due to the strength of the dollar, buying pressure of gold is visible right now, due to which its prices have also softened. The spot price of gold is currently down 0.1 percent at $ 1,820.54 an ounce, while the spot price of silver has fallen 0.5 percent to $ 20.76 an ounce.
In other metals, today’s early trading is showing an increase. The spot price of platinum today rose 0.8 percent to $ 951.50 and the rate of palladium fell 1.4 percent to $ 1,934.36 an ounce.
After all, why the falling gold price
, after the crisis of the Russo-Ukraine war, the demand for gold had increased worldwide. Investors were investing money in gold considering it as a safe haven, but in the meantime the value of the dollar continued to rise and under its pressure, investors were disillusioned with gold.
Dollar is currently close to 105 in the global market, which is showing the highest level of 20 years. Apart from this, the ever-increasing data of inflation has put selling pressure on the investors. They are apprehensive that taking loans will become costly if interest rates rise further. So it is important to save now.
