According to weak global trends, the price of gold fell by Rs 700 to Rs 98,420 per 10 grams in the bullion market of the national capital on Wednesday. The All India Bullion Association gave this information. In the last trading session, gold with 99.9 percent purity was at Rs 99,120 per 10 grams. Gold with 99.5 percent purity fell by Rs 600 to Rs 98,000 per 10 grams (including all taxes). On Tuesday, it closed at Rs 98,600 per 10 grams.
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Additionally, silver fell by Rs 800 to Rs 1,04,000 per kg (including all taxes) on Wednesday. Silver closed at Rs 1,04,800 per kg in the last session. In July, the Federal Reserve saw the selling pressure in gold prices on Wednesday due to low expectations of interest rate cuts and strengthening of the US dollar.
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Jens, Senior Analyst of HDFC Securities) Saumil Gandhi said, “The US dollar remains strong and is trading close to two weeks high. Market participants estimate that the Federal Reserve will maintain high interest rates given high import taxes and a possible decline in inflation due to the strong US labor market. ‘
Globally, the spot gold fell by $ 11.66, or 0.35 percent to $ 3,289.81 an ounce. Vice President (Jens) Rahul Caller in Mehta Equality said that gold prices fell below $ 3,300 an ounce due to the possibilities of cutting US interest rates and new trade risks.
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President Donald Trump has refused to extend the deadline for the implementation of high fees from August 1. He has imposed a 50 percent duty on copper and a potential 200 percent fee on medicines. The artist said that these fees are expected to create a stir in the market. The decline in US inflation has reduced the possibility of more relaxation by the Federal Reserve. Input language edited by: Sudhir Sharma
