Gold Price Today: Yellow metal falls by Rs 1,500/10gm in one week, silver prices down by Rs 4,600/kg
silver September futures at MCX opened 0.21% or Rs 191 lower at Rs 89,012/kg.
Gold prices have fallen by Rs 1,500/10gm in the last one week whereas silver prices have witnessed a fall of Rs 4,600/kg in the same duration.
On Monday, gold and silver settled on a weaker note in the domestic market, despite a weakness in the rupee, as well as the international markets. Gold August futures contract settled at Rs 72,718 per 10 grams with a loss of 0.37% and silver September futures contract settled at Rs 89,203 per kilogram with a loss of 0.49%.
Gold and silver extended its fall in a volatile session. Prices gained in the early trading session after the Chinese rate cut decision but were unable to hold early session gains amid steady dollar index and political uncertainty in the U.S. after withdrawal of the Presidential bid by Joe Biden.
Today, the US Dollar Index, DXY, was hovering near the 104.27 mark, falling 0.05 or 0.05%.
“Traders are also cautious ahead of the key U.S. economic data scheduled this week. The U.S. second quarter GDP data and core PCE price index data will be key data before the next week’s U.S. Fed monetary policy meetings. The U.S. Fed could keep interest rates unchanged in the July policy meetings but very high probability for a rate cut in the September policy meetings. We expect gold and silver prices to remain volatile this week ahead of the U.S. core PCE price index data and the second quarter GDP data,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.
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