MCX Gold, Silver Updates: Due to Federal Reserve concerns, the US dollar is at a two-month high today, June 5, which is pressuring the price of gold and silver. 

As a result of the US Fed's rate rise uncertainties, the gold price today began lower on the Multi Commodity Exchange (MCX). This helped the US dollar hold around two-month highs. Within a few minutes of today's opening bell for the commodities market, the August 2023 gold futures contract touched an intraday low of 59,425 per 10 gm. Gold futures contract opened lower today at 59,555 per 10 gm. The price of gold is currently fluctuating in the $1,945 per ounce range on the global market.

Similar to today's silver pricing, which started lower on the MCX at levels of 71,901 per kg, it later hit an intraday low of 71,741 per kg levels during early morning trading. Today's silver price on the world market is around $23.55 per ounce.

A better-than-expected Non-Farm Payrolls (NFP) report helped the dollar index rise while lowering bullion prices. Gold prices created a sizable red candle on the daily chart and closed below the candle's bottom, giving the market a bearish signal.

US Fed rate hike in focus: Experts predicted that  "Gold and silver prices are under pressure today because of the uncertainty over US Fed rate hike. The US dollar has managed to reach a two-month high and hold it there thanks to the US Fed's nervousness.

MCX Trading Concerns: Gold is considered a safe haven investment and is often used as a hedge against inflation and currency fluctuations. It has historically been seen as a store of value and is commonly used in jewelry and as a form of currency. The price of gold can be influenced by various factors such as economic conditions, geopolitical events, and investor sentiment.

Silver, on the other hand, is both a precious metal and an industrial metal. It has a wide range of industrial applications, including electronics, solar panels, and medical equipment. Like gold, silver can also be influenced by economic factors and investor demand.

When trading gold and silver on the MCX, investors and traders can take advantage of price movements and fluctuations by buying and selling contracts. These contracts represent a certain quantity of the metal and are settled at a future date. Trading in MCX commodities, including gold and silver, requires a good understanding of market dynamics, analysis of supply and demand factors, and monitoring global economic trends.

Buy gold and silver today itself, prices have come down

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