Gold Price Today: The price is above 50 thousand, before buying check the latest rate of 10 grams of gold...
The effect of the sharp fall in the global market was also visible on the Indian futures market on Friday morning and there was a softening in the prices of gold and silver. The price of gold was marginally lower today but is still running above 50 thousand.
On the Multicommodity Exchange (MCX), the futures price of gold fell by Rs 30 to Rs 50,345 per 10 grams this morning. Earlier, trading in gold had started openly at Rs 50,385, but due to the slowdown in demand and the fall in the global market, the prices soon came down. Gold is currently trading down by 0.06 percent from its previous closing price. A day earlier, the futures price of gold had gone below 50 thousand, which was the lowest level since February.
Silver has also lost its luster
On the lines of gold, a fall in the futures price of silver was also seen today. Silver prices on MCX fell by Rs 76 in the morning to Rs 55,335 per kg. Earlier, trading in silver had started openly at Rs 55,435, but due to the slowdown in demand, it came down to Rs 100 in a while. Silver is currently trading at a fall of 0.14 percent from its previous closing price.
How many falls in the global market
Gold and silver prices are continuously going down in the global market. In the US market, there was pressure on both the precious metals today and the spot price of gold came down to $ 1,713.47 an ounce. This is 0.32 percent lower than the previous closing price. Similarly, the spot price of silver was also at $ 18.76 an ounce, which is 0.30 percent lower than the previous closing price. The price of gold in the global market had reached the lowest level since August 2021 a day earlier.
What's next for investors
The effect of the increasing strength of the dollar in the global market is visible in the prices of gold and silver. Under its pressure, the price of gold has gone down to a one-year low. Right now investors are investing in dollars only, while they are selling in gold. After the increase in import duty on gold by the government in the Indian market, its consumption has declined. There is also pressure on the prices due to low demand and the pressure on gold prices will continue till the global market rises again.