Gold Price Today: Yellow metal falls by Rs 400/10 gm in 3 days, silver dips by Rs 750/kg
silver September futures contracts were trading at Rs 83,979/kg, up by 0.29% or Rs 243.
Prices of gold have dipped by Rs 400/10 gm in the last 3 days while silver has fallen by Rs 750 per kilogram.
On Thursday, gold and silver settled on a weaker note in the domestic and international markets. Gold October futures contract settled at Rs 71,194 per 10 grams with a loss of 0.89% and silver September futures contract settled at Rs 83,736 per kilogram with a loss of 1.33%
Gold prices fell below $2500 on Thursday after the Federal Reserve's latest meeting minutes hinted at a likely rate cut in September. The US dollar slightly recovered, and 10-year Treasury yields rose ahead of Fed Chair Jerome Powell's speech at Jackson Hole.
The Fed’s July meeting minutes revealed that while the interest rate remained at 5.25% to 5.50%, most officials believed a rate cut might be needed at the next meeting if economic data supported it.
Additionally, the Labor Department reported a significant downward revision of 8,18,000 jobs created over the past year, the largest adjustment since 2009. This data has fueled expectations of a September rate cut, though the likelihood of a 0.5% cut has decreased slightly.
Today, the US Dollar Index, DXY, was hovering near the 101.33 mark, falling 0.18 or 0.18%.
“The daily chart, MCX Gold October futures are trading above a rising trend line, forming a higher high and higher low pattern, which signals bullish sentiment. The price is currently trading above its 21 & 50-day EMA, and the RSI shows
