Gold Rate 1st June 2022 , The strengthening of US dollar has increased the pressure on gold and due to this, the prices of gold and silver fell sharply in the Indian markets today. On MCX, gold futures closed down 0.6 per cent at Rs 50,545 per 10 grams at the last two weeks’ low, while silver fell 1 per cent to Rs 60575 per kg.
Gold and silver prices in the global market
Talking about the global markets, gold has come down to its lowest level in the last two weeks because the strengthening of the dollar has directly affected the price of gold. Spot gold settled at $1,835.28 an ounce. According to media reports, COMEX gold declined marginally near $ 1840 an ounce, which was moderated by an increase in the US dollar index and bond yields. Also, there are signs of improvement in the Chinese economy due to pressure on gold prices.
Gold price increased by Rs 850 from May 18
According to the information given by the Indian Bullion and Jewelers Association (IBJA), gold of the highest purity was sold at Rs 51,125 per 10 grams in the spot market on Tuesday. Silver is being sold at Rs 61,321 per kg. The spot price of gold has risen by around Rs 850 per 10 grams since May 18 before trading flat in the near future. On the other hand, silver has become cheaper by more than Rs 1,200 per kg in just two sessions.
In May, the price of gold registered a decline for the second consecutive month. SPDR Gold Trust, the world’s largest exchange-traded fund trading in gold, said that its holdings fell 0.1 per cent to 1,068.36 tonnes on Tuesday as against Friday’s 1,069.81 tonnes.
Posted By: Sandeep Chourey