Gold Silver Price: Gold futures reached a low of about six months, silver also down

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Gold Silver Price: Gold futures reached a low of about six months, silver also down

Summary


  • On MCX, gold futures fell 0.13 percent to Rs 45928 per 10 grams. Silver declined by 1.00 percent to Rs 59427 per kg.

Expansion


  • Gold and silver futures declined in the domestic market today. Gold futures on MCX today fell 0.13 percent to Rs 45928 per 10 grams on weak global cues. This is the near six-month low of the yellow metal. Silver declined by 1.00 percent to Rs 59427 per kg. The yellow metal is still down by Rs 10272 from last year's high (Rs 56200 per 10 grams). In the previous session, gold was 0.16 percent cheaper and silver fell by 1.76 percent. Despite higher gold imports in August, physical gold demand in India remained weak. Domestic dealers expect more customers to come during the festive season.

The price is so high in the global market


The strong US dollar in the global market affected the safe-haven demand for gold, which affected its price. Gold prices in global markets were affected as investors remained cautious ahead of the US Federal Reserve meeting. Spot gold fell 0.1 percent to $1,752.66 an ounce. Among other precious metals, silver was down 0.3 percent at $22.33 an ounce and platinum was down 0.1 percent at $940.39.

Gold ETFs are based on the price of gold. Its price also fluctuates on the fluctuations in the price of the yellow metal. It should be noted that ETF inflows reflect weak investor interest in gold. A stronger dollar makes gold more expensive for holders of other currencies.

Jewelry exports rise to $12.5 billion in April-July

During April-July 2021, the country's gems and jewelry exports grew by 6.04 percent to reach $1.55 billion. This figure was $11.8 billion in the same period of 2019-20. The continuing recovery in key export destination markets such as the US, China, and Hong Kong has driven exports up. GJEPC reported that the country's exports grew 18 percent to $3.36 billion in July. Whereas in the same period last year, it was $3.87 billion. Gold jewelry exports declined by 38.5 percent to $2.41 billion. Silver jewelry exports rose to $843 million.

gold Silver - Photo: pixabay