Gold prices at this time: On the Multi Commodity Exchange (MCX), gold futures started buying and selling at Rs. 55,913.00 per 10 grams, exhibiting a slight lower of 0.30%. On the opposite hand, silver futures opened at 65,331.00 per kilogram, with a slight lower of 0.16%.
As of 3:24 pm GMT, spot silver skilled a decline of 0.93% and was buying and selling at $21.62 per ounce. Platinum reached a worth of $952.04. On the opposite hand, Palladium was buying and selling at $1,488.69.
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Gold prices have come below stress in current weeks, because the energy of the US dollar and the chance of a extra hawkish financial coverage stance from the Federal Reserve have led traders to scale back their publicity to the valuable metallic.
The dollar has been on an upward pattern, buoyed by bettering financial information and expectations of larger rates of interest within the US. This has made gold, which is priced in {dollars}, dearer for overseas consumers, lowering demand for the metallic.
At the identical time, the Federal Reserve has signaled that it could begin tapering its bond-buying program within the coming months, which might result in larger rates of interest and a stronger dollar. This has additional weighed on gold prices, as larger rates of interest make different investments, akin to bonds and shares, extra enticing to traders.
