Overseas markets Gold fell by Rs 50 to close at Rs 74,600 per 10 grams in the bullion market of the national capital on Wednesday amid a fall in the prices of precious metals. In the last trading session, gold had closed at Rs 74,650 per 10 grams. However, silver price rose by Rs 600 to close at Rs 95,100 per kg. In the last trading session it had closed at Rs 94,500 per kg.
Price stable in international market
In the international market Comex (commodity market), spot gold was trading at $ 2,417 an ounce, which is three dollars less than the previous closing price. “Gold declined further on Wednesday as investors evaluated recent statements from US Federal Reserve officials, which downplayed the timing of an interest rate cut,” said Saumil Gandhi, senior analyst – commodities at HDFC Securities. Was.”
Keep an eye on the Federal Reserve meeting
He said, “Traders are now closely keeping an eye on the details of the US Federal Open Market Committee (FOMC) meeting to be released on Wednesday, as these will give signals about the direction of the US central bank’s monetary policy. However, the price of silver was trading higher at $ 31.75 an ounce. In the last trading session, the price of silver closed at $ 31.60 an ounce.
Gold becomes cheaper on MCX
Meanwhile, gold declined by Rs 171 to Rs 73,850 per 10 grams in futures trading on the Multi Commodity Exchange (MCX). The most traded June contract touched an intraday low of Rs 73,742 per 10 grams at 4.30 pm. Besides, silver contract for July delivery was also trading lower by Rs 256 at Rs 94,469 per kg.
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