Gold Price Today: Yellow metal falls by Rs 1,100/10gm in 2 days, silver down by Rs 3,500/kg
silver September futures contracts were trading at Rs 81,380/kg, up by 0.06% or Rs 49.
Gold has declined by Rs 1,100/10 gm in the last 2 days while silver prices have gone down by Rs 3,500/kg in 2 days, ahead of the U.S. Core PCE price index data.
On Thursday, gold and silver settled on a weaker note in the domestic as well as the international markets. Gold August futures contract settled at Rs 67,462 per 10 grams with a loss of 2.16% and silver September futures contract settled at Rs 81,331 per kilogram with a loss of 4.20%.
Gold and silver showed heavy sell-off after the Chinese central bank surprisingly cut its one year lending rate by 20 basis points to 2.30%. The Chinese economy is in steep pressure and its Central bank also stops buying gold for its reserves from the last three months. Chinese demand concerns hit precious metals hard in the international markets.
Today, the US Dollar Index, DXY, was hovering near the 104.32 mark, falling 0.04 or 0.04%.
The U.S. second quarter advance GDP numbers released on Thursday was also better than expected as reading came up at 2.8% against expected reading of 2.1% and increased worries that the U.S. Fed could do only two rate cuts instead of market expectations of three rate cuts and also pushed precious metals lower.
“Gold prices slipped to 3-week lows and silver prices slipped to 11-weeks lows. We expect gold and silver prices to remain volatile in today’s session ahead of the U.S. core PCE price index data. Gold and silver prices are expected to show some
