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News India Live, Digital Desk: Gold Price: Gold prices in the Indian bullion market also came down on the fourth consecutive trading day. Multi Commodity Exchange MCX has recorded a decline in both gold and silver major metals, making it an important time for investors and buyers.
The price of the gold August futures contract on MCS fell to Rs 71,962 per 10 grams, showing a decline of 0.11%. At the same time, the October futures contract also declined by 0.08%, and it was trading at Rs 72,709 per 10 grams.
Along with gold, the pressure on silver prices is also clear. The September futures contract of silver was down by 0.32% to Rs 91,003 per kg, while the December futures contract was trading at Rs 93,299 per kg by coming down 0.28%.
Pressure on yellow metal continues on international markets, especially comex. Spot gold fell 0.06% to $ 2,324.93 an ounce, while December futures gold was 0.04% to a slight decline of 0.04% to $ 2,342.35 an ounce. Silver was also trading at $ 29.74 an ounce on comex.
According to market experts, the main reason for this decline in gold and silver prices is the constant strength of the US dollar and the increase in bond yields. Signs of potential interest rate hike by the US Federal Reserve are also creating uncertainty among investors. When the dollar is strong, gold becomes expensive for investors who do not have currency dollars, which reduces its demand. Also, high returns on bonds reduce the attraction of investment in non-onion assets like gold.
The direct impact of these international trends is also visible on the Indian bullion market. Buyers are being advised to keep an eye on market activities and contact local jewelers to know the exact gold and silver price in their city.
