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New Delhi: A big fall in the prices of gold and silver has been recorded at the beginning of the week. On the Multi Commodity Exchange (MCX), gold opened in the red mark on Monday, while the glow of bullion appeared to fade in the international market as well. The reason for this is the strong US dollar and rising expectations about the US-China trade deal.
On MCX, gold fell by Rs 1140 i.e. 0.92% to Rs 1,22,311 per 10 grams on 27 October, whereas in the last trading session it closed at Rs 1,23,451. On MCX, silver was also seen falling by Rs 1,135 and trading at Rs 1,46,335 per kilogram, which is below the previous closing price of Rs 1,47,470.
Around 9:05am, the gold price on MCX was trading at Rs 1,22,363 per 10 grams, which means a decline of Rs 1,088 or 0.88%. At the same time, the price of silver was Rs 1,46,340 per kilogram, which was down Rs 1,130 i.e. 0.77%.
The same trend was seen in global markets. Investors have distanced themselves from safe-haven assets i.e. gold due to signs of easing trade tension between the US-China. Due to which spot gold fell by 1.39 percent to 4056 dollars per ounce today. At the same time, the dollar index strengthened to a two-week high.
In the talks between the top economic officials of the US and China on Sunday, a trade deal framework was prepared for the leaders of both countries Donald Trump and Xi Jinping, which improved the mood of the market a bit.
According to Tanishq's website, the price of 24-carat gold was recorded at Rs 1,26,050 per 10 grams on 27 October, whereas the rate of 22 karat gold was recorded at Rs 1,15,550 per 10 grams. There was no change in yesterday's and today's prices. Whereas, according to the bullion website, silver was trading in retail falling by Rs 1140 to Rs 146,380 per kg on Monday.
According to experts, due to the positive response in the US-China trade negotiation, the demand for gold, which is called a safe investment, has decreased. Also, this week the market is watching the policies of major central banks. It is expected that the US Federal Reserve will cut the rate by 25 basis points after the recent weak CPI data, while the ECB and the Bank of Japan can keep their policy rates stable. At present, the glow of gold and silver has become a bit blurred, but after global economic decisions, this week the market may see a new color.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold, silver and crypto assets.)
