gold price today
Gold-Silver Price Today: This Friday, amid the strengthening of the dollar in the international market, a fall in the prices of gold and silver was seen on India’s Multi Commodity Exchange (MCX). Gold price opened at Rs 1,21,148 per 10 grams, which is 0.29% lower than the previous closing price of Rs 1,21,508. At the same time, the price of silver also fell by 0.47% to Rs 1,48,140 per kg.
It is believed that this decline has come due to uncertainty about the future interest rates of the Federal Reserve and the strengthening of the dollar. Due to the strengthening of the dollar, gold and silver became expensive for other currency holders in the global market, which affected the demand.
Today’s gold price in major cities of India
(Source – GoodReturns)
Dollar strong, gold and silver weak
The US dollar index has reached its highest level in three months. Due to the strength of the dollar, buying gold in other countries became expensive, due to which the prices of gold and silver fell. However, bullion is on the rise for the third consecutive month. So far this month, an increase of 3.9% has been recorded in gold prices. Experts believe that the current decline is short-term and if demand from central banks continues, gold prices may rise again in the coming weeks.
Why are gold and silver prices falling?
Till recently, the rise in gold and silver prices was due to the festive season, increased demand from investors and volatility in the global market. But now the situation is changing. Overall, due to the strength of the dollar, impact of inflation and selling by investors, slight pressure was felt in the gold and silver market.