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Gold Price Falls, Silver Price Rises
The yellow metal lost its sheen today as its prices fell today to close at 50868/10 gram. The opening price for 999 purity gold was Rs 51,038 per 10 grams.
Gold Prices fall due to an upstick in the US Dollar. Gold Prices ended at Rs 50868/10 gram.
Rise in Gold prices were capped because central banks all across the globe tightened monetary policy to cool rising prices.
Bullion is used as a hedge against inflation. Increased interest rates boost the opportunity cost of holding the non-yielding asset.
Silver prices have been recorded at Rs 62,287per kg.
In the global market, gold prices dipped on Wednesday as the US dollar and Treasury yields bounced back. Also, investors are waiting for US inflation data for more direction on interest rates.