look news india
Gold and silver price in ahmedabad: Gold and silver prices have declined in a week due to lack of new buying and consumption in global markets and Ahmedabad. This week gold price in Ahmedabad is Rs. Decreased by Rs 1400 yesterday. 74700 per 10 grams was recorded. While silver is Rs. It has become cheaper by Rs 2500.
On April 17, gold price in Ahmedabad reached an all-time high of Rs. Reached Rs 76200 per 10 grams. Silver also Rs. 84000 per kg was bid. Last Saturday, gold was priced at Rs. With a continuous decline it has become Rs 76100 per 10 grams.
Reason for fall in gold and silver prices
Volatility in the precious metal has increased in the last few trading sessions. The dollar index strengthened due to weak US GDP and inflation data. In such a situation, the sale of gold and silver has increased. Gold and silver prices have fallen due to fears of a recession in the US economy and a record number of investors selling.
Gold became cheaper on MCX also
There were 11,01,366 deals worth Rs 96,590.08 crore in gold and silver on MCX. In gold futures, gold June futures on MCX opened at Rs 72,718 per 10 gram at the start of the week, touched an intra-day high of Rs 72,955 and a low of Rs 70,202 during the week, ending the week at Rs 1,469. With a decline of Rs. 71,214. In comparison, Gold-Guinea April contract fell by Rs 8,478 per gram to Rs 58,700 and Gold-Petal April contract fell by Rs 216 to Rs 7,053 per gram. Gold-mini May futures fell Rs 1,291 to Rs 71,725 per 10 grams.
In silver futures, silver May opened the week at Rs 83,795 per kg, touched an intra-day high of Rs 83,795 and a low of Rs 79,361 during the week, ending the week with a fall of Rs 2,589 at Rs 80,684. Closed at Rs. , Silver-Mini April contract fell by Rs 2,593 to Rs 80,594 and Silver-Micro April contract fell by Rs 2,519 to Rs 80,650.
Gold has support of Rs 70600 on MCX
According to commodity experts, if gold on MCX maintains the support level of 70900-70600 then there is a possibility of price increase. Whose resistance level is set at 71710-72000. Retail demand is seen negative due to high prices of gold and silver.
Investors eye manufacturing data
Bullion investors have an eye on the upcoming US PCE price index data. Which depends on the rate decision of the Federal Reserve. If the data comes in higher than expected, there will be pressure on gold prices. If gold remains low then it will start rising again. Strong labor market data may increase the possibility of interest rate cuts in September-November.