New Delhi: Gold futures hit a three-month low on Wednesday morning on continued pressure in global markets. The wedding season is currently underway. Even so, the price of gold has reached around 50,000 and the price of silver is around 60,000.
At the Multicommodity Exchange (MCX), 24 carat gold fell by Rs 228 to Rs 50,358 per 10 grams in the morning trade. This is the lowest level of gold in three-month lows. Gold had opened at Rs 50,445 in today’s trade, but fell by 0.45 per cent to a three-month low on reduced demand.
Silver also became cheaper
Along with gold prices, silver prices have also declined. Silver futures have reached close to Rs 60,000. Earlier in the day, silver had declined by Rs 280 to Rs 60,338 per kg. Silver also started trading at Rs 60,525 today, but declined 0.46 per cent to Rs 60,338 on increased selling.
Prices also fell in the global market
Gold and silver prices also declined in the global market. In the US, gold fell 0.3 per cent to a three-month low. Gold traded at ८ 1,832.06 an ounce. Silver also fell by 0.1 per cent to २१ 21.23 an ounce.
Why have gold prices fallen?
In fact, cash flow in the US has reached a 20-year high. Inflation figures are likely to come in late in the evening. Therefore, even before this, the buying of gold and silver by investors was cautious. The dollar has also depreciated slightly, which has had an effect on gold and silver prices. Not only that, the IMF’s slowdown in global growth this year has had an impact on gold purchases.
