Gold prices drop today

 

Gold prices in Indian markets have fallen by about 10% so far this year, following a similar decline in world prices and the prices of gold and silver today have declined in Indian markets, followed by soft global prices.

 At MCX, gold futures fell 0.23% to 5,4,590 while silver declined to 64,840 kg. In the past, gold decreased by 0.35% and silver decreased by 0.5%. Earlier this month, the average gold prices for almost one year were as low as ₹ 44,150. After today's fall, the precious metal is about 500,11,500 from August at a height of 56,200. 

In international markets, gold prices have risen today at $ 1,726 per ounce but have been declining at about 1% per week. In the past, precious metals have hit one week low of $ 1,721. Among other precious metals, silver rose slightly to hold more than $ 25 while palladium increased by 0.2% to $ 2,614.51.

"Gold remains under pressure as long as it stays below the $ 1,760 level. At present, the biggest liquidation pressure is only seen if it falls below $ 1,660. A direct increase of more than $ 1,760 is needed to bring up the acquisition rise to $ 1,820 or more , "said local businessman Geojit said in a note. MCX gold faced opposition at ₹ 45,250 while backed at ₹ 44,220. 

US Treasury yields have risen after a weak seven-year auction, weighing gold. On the other hand, the rise in coronavirus cases has supported the safe search for gold at lower levels. Gold is often regarded as a safe investment in times of economic uncertainty. 

Gold in world markets has fallen by about 9% so far this year amid hopes of recovery and rising US mortgage rates, which measure the demand for traditional traditional land. However, the concern of the coronavirus and the simple monetary policy contributed to the gold rush. Credit Suisse analysts had recently reduced their 3-month and 12-month gold forecast to $ 1750 and $ 1700 per hour, respectively, pointing to US dollar strength and rising US Treasury yields. 

Kotak Securities expects gold to be traded broadly in US Dollars and bonds leading to mixed trading. " "While the US dollar and the insurance stay a significant value determinant, gold is supported by a resurgence of infection cases, blended monetary information from significant economies, Chinese currency pressures and the banking crisis. The US dollar has also benefited greatly. has forced countries to impose stricter restrictions while small-scale vaccination is still a problem, "the trade union said.