Silver fell by ₹ 439, gold fell by ₹ 116

by Ana Lopez

(From Trade Representative)
MUMBAI: Prices were quoted around two-month lows as the bearish streak continued at the start of the session in London today amid whispers of a US Federal Reserve rate hike. However, under the fear of increase in interest rates, sources are expressing the possibility that gold will record its biggest price decline in 20 months on a monthly basis in February. Similarly, the trend of all fall down was maintained in global silver. Thus the global depressing report led to aggressive speculative selling pressure by stockists in the domestic jewelery market as well, especially in silver, and the demand from the global level being muted at Rs. There were 439 falls. Also, today the price of gold is Rs. 10 per gram. 116 to 117 were reduced. However, as the rupee improved by 21 paise against the dollar in the local forex market today, the drop in gold prices was limited compared to the global market due to the fall in domestic gold imports. Today in .999 touch silver, against the aggressive selling pressure of stockists, the demand from industrial users and jewelery manufacturers remained quite limited, the price increased by Rs. 439 with a decrease of Rs. 63,007 remained at the head. Similarly, the lack of fresh buying by stockists, investors and jewelery manufacturers due to a disappointing global gold report and optimism of a further fall in gold prices, supported only by sporadic demand for existing wedding rings at the retail level, saw 99.5 touch standard gold prices at Rs.10 per gram. 115 with a reduction of Rs. 55,328 and 99.9 touch standard gold at Rs. 116 with a decrease of Rs. 55,550 remained at the head.
Meanwhile, gold prices remained under pressure at the start of the session in London today as the dollar index and US Treasury yields remained firm, with spot prices down 0.4 percent from yesterday’s close at $1,809.90 and futures down 0.5 percent at around $1,816.30. Quotes were happening. The thing to be noted here is that in this month, there is a one-sided trend of price reduction in gold, sources are expressing the possibility of recording the biggest drop in gold prices since June 2021 on a monthly basis in February. Also, at the beginning of the session today, silver prices were quoting around 20.54 dollars per ounce, down more than 0.4 percent from yesterday’s close, and sources are expressing the possibility of recording the biggest drop in silver prices in February since September, 2020.

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