Under the pressure of the global market, the futures price of gold went down to a three-month low on Wednesday morning. Even in the season of weddings, the price of gold has reached around 50 thousand, while silver is being sold around 60 thousand.
On the Multicommodity Exchange (MCX), the futures price of 24 carat purity fell by Rs 228 to Rs 50,358 per 10 grams in the morning. This is the lowest level of retail futures price of gold in three months. In today’s trade, gold was open at a price of Rs 50,445, but due to reduced demand, it fell 0.45 percent to a three-month low.
silver also became cheaper
On the lines of gold, the prices of silver also saw a fall today and its futures price reached close to 60 thousand. Silver was selling at Rs 60,338 per kg, down by Rs 280 in morning trade. Silver started trading today at the level of Rs 60,525, but soon its price fell 0.46 percent to 60,338 due to increased selling.
The price also decreased in the global market
Gold and silver prices also declined in the global market today. In the US bullion market, the spot price of gold fell 0.3 percent to a three-month low. Here gold was selling at $ 1,832.06 per ounce. The spot price of silver also fell 0.1 percent to $ 21.23 an ounce. Apart from this, the rate of other precious metals showed fluctuations. Where platinum rose 0.1 percent to $ 964.64 and palladium fell 1.2 percent to $2,040.25.
That’s why the brightness of gold decreased
In fact, the bond yield in America has reached the highest level of 20 years and inflation figures are also to come late in the evening. Earlier, investors were looking very cautious and they have reduced the purchase of gold and silver. There has also been some decline in the dollar, the effect of which is visible on the prices of gold and silver. Apart from this, the IMF has reduced the global growth rate this year, which is affecting the purchase of gold.