Mumbai. The recovery in the dollar once again led to a ‘break’ on gold and silver prices on Tuesday. Gold and silver prices also declined in India due to the slowing of the prices of expensive metals in the international market. In the domestic futures market, gold has been broken by a record high of Rs 2,300 per 10 grams and silver has fallen by more than Rs 6000 per kg. Gold futures contract on Multi Commodity Exchange at 13.14 pm on Tuesday was trading at Rs 53,903 per 10 grams, down Rs 1,043, or 1.90 per cent, from the previous session, while the gold price was up to Rs 53,820 during the previous trade. Broken. On Friday, gold on MCX jumped by a record Rs 56,191 per 10 grams, since then it has fallen by more than Rs 2,300 per 10 grams.
At the same time, MCX was trading at Rs 72,745 per kg, down Rs 2,649, or 3.51 per cent, from the previous session in the September expiry contract for silver, while silver lost Rs 71,791 per kg during trading. On Friday, the price of silver on MCX had risen to Rs 77949 per kg, after which the silver has fallen more than Rs 6000 per kg till now.
Anuj Gupta, deputy vice-president of Angel Broking, said that the recovery in gold and silver has caused a break due to the recovery in the dollar. At the same time, prices have come under pressure due to profit recovery. Gupta said that the boom in expensive metals is still present and this softening is momentary.
The dollar index, indicative of the strength of the dollar against the six currencies of the world, fell to 92.74 on Thursday, rising to 93.70 on Tuesday. He said that the dispute between the US and China will provide support for gold boom.
Ajay Kedia, director of Kedia Advisory, also said that gold had hit record highs in the domestic and international markets, from where the price breakdown was natural, but it is just a correction and fast fundamentals are still present.
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