(From Commerce Representative)
MUMBAI: Taking into account the possibility of the US Federal Reserve raising interest rates aggressively in the upcoming policy meeting on July 26-27, strong trend in the dollar index ignited, the domestic gold and silver market also followed the global market with a decline in the prices of both the precious metals during the mid-session. In which the price of gold per 10 grams is Rs. 179 and silver price per kg Rs. 1125 were reduced. The thing to be noted here is that global gold prices seem to be falling for the fifth consecutive week on a weekly basis amid fears of a major interest rate hike by the Federal Reserve.
According to market sources, today in the mid-session, especially in the mid-session, the pressure of aggressive speculative selling by stockists and the demand from industrial users and jewelery makers remained limited. 115 to Rs. 8,50. Similarly, the global bearish report on gold led to a sell-off by stockists as well as limited demand from jewelery makers and retailers. 15 fell to Rs 7.5 touch standard gold. 20,15 and 7.5 touch standard gold at Rs. 30,8 were in the head.
The spot price in London today was quoted at around ૯ 1,305.31 an ounce, after narrowing from yesterday’s close after gold fell on the Comex section of the New York Mercantile Exchange yesterday on the strength of the dollar index. Notably, gold prices have fallen by 1.5 per cent so far this week. However, at the start of today’s session, futures were down 0.1 per cent at ૭ 1,304.50 an ounce and silver was down 0.4 per cent at ૮ 16.5 an ounce.
OANDA senior analyst Geoffrey Haley said that as the dollar index was trading at a 20-year high in the world market yesterday, the bullishness in gold is stifling, adding that given the strength of the dollar, it is unlikely that gold prices will rise to $1,750 per ounce recently, while $1,700 per ounce is unlikely. The possibility that the surface may prove to be an important surface cannot be ruled out.
Post Views:
29