Gold Rate Today: On Wednesday, there was a decline in gold prices in India. This decline has come due to softening in rates in the global market and profit booking after two days of rise. In addition, the decisions at the interest rates of the US Federal Reserve and the tension between India and Pakistan have alerted investors.
How much fall in gold prices?
By 9:30 am, 24 carat gold came to Rs 96,950 per 10 grams, which is 880 less than the previous day. At the same time, 22 carat gold reached Rs 88,871 per 10 grams. This information has been given by local jewelers.
What is the situation in the international market?
Globally, the price of spot gold fell 1.3% to $ 3,383.88 an ounce. In the earlier session, it saw a rise of about 3%. America’s gold futures also fell 1% to $ 3,391.80. Tastylive’s Global Macro Head, Ilya Spivak said that gold now seems to be retreating as investors have increased risk and the dollar is getting stronger.
What is the effect of interest rates and dollars?
There is a possibility that the US Federal Reserve will keep its interest rates stable this time. However, investors are curious to know when the rates can be cut in future. Since gold is an without interest investment, the atmosphere of low interest rates supports gold prices. On the other hand, the strengthening of the US dollar has also put pressure on gold, as it reduces demand as a safe investment of gold.
Effect of tension in South Asia
Tensions have increased in both countries after India’s retaliatory military action in Pakistan and the recent terrorist attack in Kashmir. This is also seeing instability in gold prices.
Silver, platinum and palladium condition
Along with gold, silver prices also declined. Silver fell 0.7% to $ 33.01 per ounce in the global market. Platinum remained stable at $ 983.60 while the palladium fell 0.7% to $ 967.64.
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