Gold and silver become expensive due to breakdown of rupee against dollar, check latest rate
US dollar On Tuesday, the rupee declined. Its effect was seen on the price of gold and silver. Let us tell you that the rupee fell 20 paise to close at 85.59 (temporary) per dollar in the interbank foreign currency exchange market. Gold and silver benefited from weakness in rupee. The price of gold increased by Rs 70 to Rs 99,000 per 10 grams in the bullion market of the national capital. The price of silver also rose by Rs 100 to Rs 1,00,200 per kg (including all taxes). The All India Bullion Association has given this information. Gold with 99.5 percent purity increased by Rs 200 to Rs 98,600 per 10 grams (including all taxes). Meanwhile, gold in global markets fell by $ 25.22 an ounce or 0.75 percent to $ 3,356.41 an ounce.
Gold prices are decreasing
JM Financial Services Vice President, EBG (commodity and currency research) Pranav Mer said that due to gold prices, profits, is decreasing, but underwriting in the US dollar remains positive in the midst of widespread weakness in the US dollars and increasing Russian-Ukraine war, increasing the demand for safe-gains due to increasing economic uncertainty due to increasing economic uncertainty due to America’s fee war. Senior analyst of HDFC Securities-Soumil Gandhi said that traders are now awaiting the addresses of members of American large economic figures, such as Jolts job opening data, major Federal Open Market Committee (FOMC) members who will affect bullion prices.
Gold prices fall in futures market
Gold prices fell by Rs 308 to Rs 97,645 per 10 grams on Tuesday in futures trading amid weak spot demand. In August, the price of gold supplied in the Multi Commodity Exchange (MCX) fell by Rs 308 or 0.31 percent to Rs 97,645 per 10 grams. It traded for 15,987 lots. Analysts explained weak global signs due to the fall in gold prices. In international markets, gold futures in New York fell 0.68 percent to $ 3,358.64 an ounce.
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