Gold Price Reverses Trend; Falls After 4 Continuous Months Of Rise

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Yesterday due to the weaker dollar index and local buying trend which got a boost from the wedding season demand, gold of even 22K purity from which jewellery is designed also moved higher in price to cross Rs. 30000 levels.

    Gold Price Reverses Trend; Falls After 4 Continuous Months Of Rise
     

    But in today's trade, the yellow metal has lost its sheen after straight four months of price increase as the 22K gold traded at Rs. 29980, a straight decline of Rs. 250 in value.
    24 K gold traded at Rs. 32705 with declines of Rs. 273 against the earlier price of Rs. 32978 for 10gm of gold.

    This has mainly come in on the backdrop of the Indian currency taking at hit to fall in value to 2-months low. Meanwhile there has been a bounce in the dollar currency.

    Investors also await the Fed minutes which are due tomorrow for clues in respect of interest rates outlook in the US.

    Gold futures in the US markets also were hit the worst in 2-weeks with a decline of 1%.

    Any increase in the interest rates would dampen the demand for the yellow metal.

    On the other hand, silver gained in price by Rs. 1000 per kg to trade at Rs. 41600 in trade today.

    Goodreturns.in

    Read more about: gold fed minutes interest rates
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more