The dollar index reached a new 20-year high of 109.44 on Monday, after which it has improved slightly today. Due to the correction in the dollar index, limited pressure is being seen on the price of gold and silver in the domestic market today.
On MCX at 10.15 am, gold for delivery in October was selling at Rs 51140 per ten grams, down by Rs 110. Gold for December delivery was selling at Rs 51385 per ten grams, down by Rs 148. Spot gold in the international market was getting at the level of $ 1736.60 per ounce at this time.
Silver fell by Rs 297 Silver for September delivery on MCX was currently selling at Rs 54032 per kg, down by Rs 297. Silver for December delivery was selling at Rs 54970 per kg, down by Rs 270. In the international market, spot silver was trading at a level of $ 18.72 per ounce.
Yesterday gold and silver became cheaper by more than Rs 1000 In the Delhi bullion market on Monday, gold fell by Rs 365, while the price of silver fell by Rs 1027.
European Central Bank may increase interest rate aggressively Rahul Kalantari, Vice President, Commodities, Mehta Equities said that due to the fall in the dollar index from record high levels, there is a limited impact on gold and silver. It is believed that the European Central Bank will take a more aggressive stance on the increase in interest rates. This will put an immediate stop to the dollar’s rise. Right now there will be pressure on the price of gold and silver. In the same US, as long as the interest rate continues to rise, the pressure on the price of bullions will also continue.