Gold prices fall after two consecutive days of gain, silver still touching sky

Jul 29 2020 01:37 PM
Gold prices fall after two consecutive days of gain, silver still touching sky

After the excellent rise in the price of gold in the last two seasons, now the gold prices in India have come down. Gold futures on MCX have fallen by 0.1 per cent to Rs 52,540 per 10 grams. Silver futures on MCX have increased by 0.18 per cent to Rs 65,123 per kg. In the last session, gold has increased by 1 per cent i.e. Rs 550.

There was an increase of Rs 1,000 on Monday. Apart from this, the price of gold increased on yesterday, ie on Tuesday, but now it has decreased. In fact, silver prices reached a high of Rs 67,560 in the previous session, but later the price fell by 0.4 per cent. In the global markets, there has been a slight change in the spot gold. It was priced at $ 1,957.84 per ounce. Gold prices were at a high of $ 1,980.57 in the previous session due to profit-booking by investors and a slight strengthening in the dollar.

Among other precious metals, silver fell 1.1 percent to $ 24.31 an ounce, while palladium slipped 1.1 percent to $ 2,259.52. Gold traders are currently waiting for a two-day policy meeting of the US Fed, which will end today. Gold has been boosted by rising coronavirus cases in India, its impact on the global economy and the expectation of possible inflation with more stimulus measures. Last Tuesday's data showed that US consumer confidence dropped more than expected in July. Meanwhile, investment in gold has increased. Simultaneously, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund or gold ETF holding, said 'its holding rose 0.7 per cent to 1,243.12 tonnes'.

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