Gold fell by ₹ 74 and silver by ₹ 335 behind the global market

by Ana Lopez

(From Trade Representative)
MUMBAI: Gold and silver prices rose by Rs. 10 per gram, respectively, as the dollar index showed a soft trend yesterday. 590 per kg and Rs. After a rise of 1239 today, gold and silver prices were soft at the beginning of the session in London, with a strong trend in the dollar index in the global market and investors fearing an aggressive hike by the Federal Reserve.
Similarly, in the local jewelry market, the price of gold rose by Rs. 10 per gram due to the surge seen yesterday. There was a decrease from 52 to 53. However, as the rupee depreciated by 11 paise against the dollar in the local forex market today, the decline in gold prices remained limited compared to the global market as domestic gold imports rose. In addition, today also in silver, due to the pressure of profitable selling by stockists, the price per kg is Rs. There was a decrease of 540. Today in the local jewelery market, especially in gold, stockists, investors and jewelery manufacturers were discouraged from new purchases. Also, due to Holashtka, the retail level demand is also sluggish, the price of 99.5 touch standard gold is Rs. 10 per gram. 52 down to Rs. 55,863 and 99.9 touch standard gold prices at Rs. 53 with a decrease of Rs. 56,087 remained at the head. Further today, .999 touch silver too, after yesterday’s upswing, saw a bearish global report today with stockists and investors selling profitably and demand from industrial users remaining fairly limited at Rs. 540 with a reduction of Rs. 63,706 remained at the head.
Yesterday’s session in London saw new orders recover from a two-and-a-half-month low despite US manufacturing data for February falling for a fourth consecutive month, while fears of an aggressive Federal Reserve rate hike among reinvestors surfaced, with the dollar index recovering from a lower head. Gold prices were earlier trading at $1,831.10 per ounce, down 0.3 percent from yesterday’s close, and futures were quoting around $1,837.20, down 0.4 percent from yesterday’s close, while spot silver was down 1.1 percent from yesterday’s close. 20.76 dollars were being quoted around.
Analysts are expressing the possibility that the global gold will continue to fluctuate unilaterally according to the US economic data to be announced before the next two-day policy meeting on March 21-22. However, financial market circles are expressing the possibility that the Federal Reserve will keep the interest rate around 5.488 percent until next September.

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