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New Delhi: Gold Price Today: Today gold and silver prices are trading sideways due to rise in US Dollar prices. The prices of both the precious metals have decreased today. Dollar index is back at the psychological level of 102 and has been above this mark since the weekend.
Gold today opened at Rs 60,910 per 10 grams and reached Rs 60,926. However, profit-booking soon started and gold prices touched a low of Rs 60,820 per 10 grams within minutes of market opening. In the international market, the price of gold has increased by 0.18 percent to reach the level of $ 2014.50 per ounce.
Silver prices also weakened
Silver today opened at Rs 73,188 per kg on MCX and reached Rs 73,198. However, it soon booked profits and touched a low of Rs 73,016 per kg. In the international market, the price of silver increased by 0.03 percent to $ 23.97 an ounce.
Why did the price of gold fall?
According to commodity market experts, gold prices today declined due to strength in the US dollar as the dollar index moved above 102 levels. Jadunath Godbole, a gold wholesaler in Mumbai’s jewelery market, says gold has been kept at an immediate support level of Rs 1,975 an ounce, while silver has been kept at Rs 23.40 an ounce.
pressure on gold prices
The strength of the dollar index is putting pressure on gold. Its support is placed at Rs 1,975 per ounce and some further downside can be expected in the near term. Silver is taking immediate support near $23.40 and it may further correct Rs 72,500 immediately, while gold may test Rs 60,500.
Overall, the current outlook for MCX gold prices is marginally bearish. The effect of recent developments and the slowdown in the US economy is also visible on this.
