New Delhi: Gold and silver prices have once then seen a significant decline. The pressure on precious metals has increased tween the ongoing tensions in the Middle East, strong US economic data, and a firm stance on interest rates. Its impact is unmistakably visible from the international market to the Indian domestic market. Gold slipped unelevated the crucial level of Rs 1.50 lakh on MCX, while silver moreover fell unelevated Rs 2.35 lakh.
What are the latest gold and silver rates on COMEX and MCX?
In the international market, gold fell by well-nigh 1.25 percent on the Comex to trade virtually $4,232 per ounce. Silver, on the other hand, reached $65. The impact was plane increasingly pronounced in the domestic market. On the MCX, gold fell by well-nigh Rs 2,900 and silver by Rs 5,100.
Gold for August wordage on MCX fell 1.48 per cent to trade at Rs 1,50,180 per 10 grams. At the time of writing, it had lost Rs 2,263. During trading, gold touched a upper of Rs 1,50,853 and a low of Rs 1,49,500. In the previous trading session, it had sealed at Rs 1,52,443.
Did the price decline?
There's some good news for those ownership gold and silver. Prices of precious metals, which had been at record highs for the past few days, are now easing. Fluctuations in the international market and profit-booking by investors have moreover led to a ripen in the prices of both gold and silver in the domestic market.
Why there is transpiration in the rates?
According to analysts, the major reasons overdue changes are:
- International market pricing, import fees, taxes
- Blockage of the Strait of Hormuz
- Weakness in the prices of gold and silver in the international market.
- The strengthening of the US dollar, which put pressure on demand for precious metals.
- When the dollar strengthens, spending by foreign buyers increases and this reduces demand for unscratched investments like gold and silver.
How much lower are the prices from their record highs?
Gold and silver touched their record highs on January 29. According to MCX, the record upper level for gold is Rs 1.93 lakh, while the record upper price for silver is Rs 4.20 lakh.
