Gold Price Today: Today there has been a huge fall in the prices of gold and silver.
New Delhi. After the fall in global rates, there was a sharp fall in the prices of gold and silver in the Indian markets today. Gold futures on MCX fell by almost 2% to Rs 47,420 per 10 grams. , while silver fell 2% to Rs 70,023. At the same time, gold on Comex is close to the low level of 6 weeks. The Hawkish Comment of the US Federal Reserve has put pressure on the prices. The Fed has indicated to raise rates in 2023. Experts say that technically MCX gold can remain between Rs 47,700 and Rs 47,900. At the same time, silver can remain near ₹ 71,300.
Fed hints at raising rates twice in 2023
US-Fed has not changed interest rates. At the same time, it has decided to continue asset buying, the Fed has indicated to raise rates twice in the year 2023, the Fed has expressed hope for a sharp recovery in the US economy and has projected US GDP growth to be 7 percent, while Inflation is estimated to be 3.4 percent.
Investors are taking advantage of falling prices
In Asian trading today, gold prices cut their losses from the previous day as investors took advantage of the sharp fall. Spot gold rose 0.6% to $1,822.36 an ounce. Among other precious metals, silver rose 0.5% to $27.09 an ounce, palladium fell 1% to $2,770.49, while platinum rose 0.5% to $1,127.49.
Pressure on gold
Gold has slipped below Rs 48,000 on MCX. Gold is seen at a 1-month low on MCX. At the same time, gold on Comex is close to the low of one and a half months. The Hawkish comment of the Federal Reserve has put pressure on it. There is a jump in the dollar index and it is visible at the high of 8 weeks. There has also been a jump in the US bond yield and it has come near 1.58 percent.
Silver shine too faded
Silver is seen at a 4-week low on Comex. The Federal Reserve’s Hawkish Comment has put pressure on it. The dollar index has also jumped and is at an 8-week high.
