Gold Price: Gold fell even today, there is a possibility of further decline in the coming days, know the reason
Silver today reached Rs 58,336 per kg with a slight jump of Rs 21.
Today the rupee saw an improvement of 4 paise against the dollar.
The strength of the dollar internationally is the reason for the fall in gold.
New Delhi. Gold was seen weakening on Friday amid weak global cues. The price of gold has declined by Rs 105 in the bullion market in the national capital Delhi. Today it has reached 50,889 per 10 grams. In the last trading session, the price of 10 grams of gold had closed at Rs 50,994.
According to HDFC Securities, where gold prices have declined today, silver prices have risen. Although this jump is very minor. According to the firm’s report, silver today rose by Rs 21 to Rs 58,336 per kg, while yesterday it closed at Rs 58,315 per kg.
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Today the rupee saw an improvement of 4 paise against the dollar. It was at Rs 82.29 against the dollar in early trading. Strength in the domestic Indian stock market and weakness in foreign markets could be one of the reasons behind the improvement in the rupee.
In the international market today, the price of gold was trading in the red mark. It was trading at $ 1,653.25 an ounce, and silver at $ 19.34 an ounce. Dilip Parmar of HDFC Securities said that after the decision of the Bank of Japan and the ECB policy, Comex Spot Gold was down at $ 1,653.25 an ounce due to the strengthening of the dollar.
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Gold falls on the strength of dollar
According to a report by Reuters, gold has seen a decline of about 1 percent after increasing the price of the dollar on Friday. The dollar has strengthened in view of the possible slowdown coming after the tightening of monetary policy. It is understood that rates may be changed by the Fed next week.
Vandana Bharti, assistant vice president of commodity research at SMC Global Securities, said the Fed meeting is not far off. An increase of about 75 basis points is expected. In such a situation, the dollar is showing strengthening and due to this a further fall in gold prices is possible.
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FIRST PUBLISHED : October 28, 2022, 16:58 IST