With reference to the ongoing hot and cold situation going on, there has been a lot of external forces on the third-party occurrence in the world. The price of gold and silver continued to fall after the precious metals plummeted more than 0.5 percent each in India’s commodity futures.
Gold futures on the MCX were down 0.6 percent to Rs. 51999 per gram, while silver futures were down 0.55 percent to 68470 per kg. Before the current selloff, gold had risen above rs. 55,600 in India last week.
Gold was under stress in global markets today as interest rates rose ahead of a major Federal Reserve conference where officials are expected to boost borrowing costs. Last week, demand for the safe-haven asset soared to near all-time highs, thanks to Russia’s incursion of Ukraine and inflationary pressures.
Take On The Price By Public
The Ukraine conflict has resulted in a steady influx of money into gold-backed exchange-traded securities. Higher interest rates make non-interest-bearing gold less appealing. After surpassing $2,070.44 last week, spot gold fell 0.4 percent to $1,943.09 an ounce. Silver fell 0.4 percent to $24.92 per ounce on the spot market, while platinum fell 0.1 percent to $1,029.16.
This is what was said by Rahul Kalantri, VP Commodities, Mehta Equities Ltd
When he was asked about this topic he replied, “gold and silver have witnessed selling pressure on optimism of de-escalation of war between Russia-Ukraine. Both countries’ officials’ discussions are going on for de-escalation of war and there is a hope they will reach some conclusion soon. Global equity markets gained and also pressured bullion. The U.S. Federal Reserve’s two-day policy meeting is starting from today and the market consensus is that the U.S. Fed could raise interest rates in this meeting and the policy tone could be hawkish this time.”
