COMMODITY GOLD MARKET UPDATES: Despite a minor increase in the Asian market in the early hours when the US dollar slipped off a 20-year high, gold prices in the Indian market fell again on Tuesday.
Tuesday's gold rates in India were Rs 51,430 for ten kilos of 24-carat gold and Rs 47,150 for ten grammes of 22-carat gold. The price of gold decreased by Rs 170 on average.
In Chennai, Bangalore, Hyderabad, and Kerala, silver is being sold for Rs 54,000 per kilogramme, which is practically down by Rs 800 on average. Most Indian investors have been disappointed by the recently declining gold and silver prices. Monday saw a dramatic decline in the price of gold and silver in India after Fed chairman Jerome Powell made a suggestion that investors should anticipate high-interest rates to last for some time in order to control four decades of rising inflation.
International Markets: The price of yellow metal has been stagnating on the global market for a while. On Monday, the dollar index reached a two-decade high of 109.29 while spot gold fell 0.3% to USD 1,732.17 per ounce. For individuals trading in foreign currencies, gold becomes more expensive when the dollar is strong. On Monday, spot silver prices fell 1% to USD 18.69 per ounce while platinum prices fell 1% to USD 855.27.
The majority of local market specialists anticipate that the current negative trends will last for some time. 10 grammes of 24-carat gold cost Rs 51,430 on Tuesday in Mumbai and Kolkata, while 10 grammes of 22-carat gold cost Rs 47,150. The cost of 10 grammes of 24- and 22-carat gold in Delhi is Rs. 51,600 and Rs. 47,300, respectively.
First branch of LIC Mutual Fund inaugurated in Vijayawada
Cryptocurrency Prices Today August 30: Bitcoin edges down
FPIs pump in Rs49,250 cr in August on strong corporate earnings