look news india
Gold and silver declined on Gurupushya Nakshatra day due to lack of new demand and negative selling at upper levels after sustained rally.
In the global markets also, a weak environment was seen in the precious metals in the spot market. Bullion experts said demand has slowed down and selling pressure has increased after prices continued to rise. Selling in bullion was supported by the strength in the dollar index.
24 carat gold per 10 grams in Ahmedabad is Rs. Rs 500 were reduced. 81,000 was done. Similarly, the price of 22 carat gold is Rs 20. 79,800 per 10 grams. Silver Rs. Came to Rs 1,000. 98,000 per kg. In the global spot market, gold fell by $ 12 to $ 2,738 an ounce. Silver fell 20 cents to $34.35 an ounce.
In futures, the December gold contract on MCX was priced at Rs. 512 to Rs. ₹77,812 per 10 grams. MCX Silver December Futures Rs. 790 to Rs. 96,960 per kg. Late Thursday night on Comex, gold was trading at $ 2,750.80 an ounce with a gain of $ 21.40. On Comex, silver rose 36.60 cents to $34.20 an ounce.
Commodity analysts say that the way prices have been rising for the last one week, there is hope for improvement. Investment in bullion has slowed down due to bearish selling at upper levels and the dollar index reaching 104.4 points. On the other hand, speculations about the Fed cutting interest rates are also decreasing, due to which the recovery is likely to take place a little further. This week investors will keep an eye on America's upcoming unemployment data. If the figures are less than expected then pressure on bullion will increase and prices will fall.