MCX saw weakness in gold prices due to selling.
The price of gold was recorded on Thursday. The price of gold fell by Rs 1,150 to Rs 88,200 per 10 grams in the national capital. According to the All India Bullion Association, gold with 99.5 percent purity also fell by Rs 1,150 to Rs 87,800 per 10 grams, compared to Rs 88,950 per 10 grams. According to PTI news, the price of silver fell by Rs 1,000 to Rs 98,500 per kg. In the previous season, the price was Rs 99,500 per kg. The bullion market remained closed on the occasion of Mahashivaratri on Wednesday.
What is the price on MCX
According to the news, the price of a gold contract with April delivery in futures trading on the Multi Commodity Exchange (MCX) fell by Rs 554 to Rs 85,320 per 10 grams. In foreign markets, comex gold futures for April delivery 23. $ 10 an ounce or 0. 79 percent to 2,907. Called at $ 50 an ounce. In addition, the spot gold slipped below the level of $ 2,900 as yellow metal prices 2,892. She came to $ 95 an ounce. Silver futures in the Asian market also closed at $ 32. $ 47 an ounce in the Asian market.
What do experts say
Jatin Trivedi, Vice President of LKP Securities, Jatin Trivedi said that the selling in MCX saw a weakness in gold prices, where the price of gold fell to Rs 85,000. He says that if the gold on MCX crosses the level of Rs 84,800, then there may be more weakness. Chintan Mehta, Chief Executive Officer of Abbans Holdings, said that due to tariff concerns, gold prices improved after reaching another record height in gold prices, but the demand for safe investment remains strong, as Trump has announced 25 percent tariff on imports from the European Union in his recent speech and said that the tariffs on Mexico and Canada will now be effective.
Markets are uncertain
Mehta said that the market has become uncertain due to the possibility of tariff being implemented on Mexico and Canada, causing gold demand. Senior analyst of Commodities of HDFC Securities, Soumil Gandhi, says that investors are waiting for major American large economic figures such as weekly unemployment claims, durable goods order of January and initial Q4 GDP. American Federal Reserve can affect the speech bullion prices and US dollars.
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