look news india
Selling pressure was seen in the global bullion market on Wednesday due to strength in the dollar index and rise in US bond yield. Especially silver saw a lot of negative selling at higher levels. Due to this, silver fell by Rs 2,000 at the local level, while gold prices fell marginally. Gold and silver also remained soft in the futures market.
Silver per kg in Ahmedabad fell by Rs. 2,000 to Rs. 84,000. 24-carat gold per 10 gram in Ahmedabad fell by Rs. 200 to Rs. 73,800 per 10 gram. MCX September silver futures fell by Rs. 1509 to Rs. 84,147. MCX gold October futures fell by Rs. 492 to Rs. 71,630.
Gold fell from $ 2510 to $ 2505 an ounce in the international market, while silver fell from $ 29.92 the previous day to $ 29.49 an ounce. Gold was trading at $ 2532.10 an ounce on Comex late Wednesday night, down $ 20.80. Silver was trading at $ 29.73 an ounce on Comex, down 69.10 cents. Bullion experts said that due to the strengthening of the dollar index, investors are reducing their positions in bullion. Due to this, there is selling pressure in gold and silver. However, given the geopolitical tensions and the possibility of interest rate cuts in the US, the possibility of a long-term bullion rally cannot be ruled out.