The fall in gold on MCX indicates some short -term pressure.
After reaching all -time height, the price of gold declined for the second consecutive day on Wednesday. The price of gold declined by Rs 340 to Rs 87,960 per 10 grams in the national capital. According to PTI news, gold with 99.9 percent purity closed at Rs 88,300 per 10 grams on Tuesday. Gold with 99.5 percent purity also fell by Rs 340 to Rs 87,560 per 10 grams. It closed at Rs 87,900 per 10 grams in the last trading session. Yes, the price of silver increased by Rs 600 to Rs 97,200 per kg.
Prices in futures market today
On Wednesday, the price for the April delivery gold agreement in futures trading on the Multi Commodity Exchange (MCX) fell by Rs 659 to Rs 84,864 per 10 grams. Comex Gold futures fell by $ 26 an ounce to $ 2,906 an ounce in international markets. In LKP Securities, Jatin Trivedi, Vice President of Commodity and currency, said that both comes and MCX weakened after a strong rise in gold prices. The fall in gold on MCX indicates some shorter pressure.
Trivedi said that the US Consumer Price Index figures, which will be declared later, would be important in assessing the interest rate trends, which can affect gold moves. Comex silver futures in the Asian market fell 0. 56 percent to 32. $ 14 an ounce.
Federal Reserve gave these signs
Senior analyst of commodities at HDFC Securities, Saumil Gandhi said that gold declined on Wednesday, indicating no immediate need for further deduction in interest rates by Federal Reserve President Jerom Powell on the first day of testimony before the US Congress. Powell has said that the central bank will not hurry to cut interest rates. After his comment, the US Treasury Yield increased, which also had a negative impact on gold prices.
Latest business news
