Gold-Silver Rate Today: Gold fell below Rs 1.45 lakh, silver fell to Rs 2.29 lakh, know today’s latest price.

Gold-Silver Rate Today In India: On July 8, there was a big fall in the prices of gold and silver in the Indian futures market i.e. MCX. The direct impact of the increasing tension between America and Iran is clearly visible on the Indian bullion market today. Rising tensions in the Middle East deepened inflation concerns and strengthened the dollar, putting pressure on the prices of both precious metals. Due to weakness in gold and silver in the global market, today started with a very heavy and sharp fall on the Multi Commodity Exchange.

Investors are now eagerly waiting for the release of important details of the Federal Open Market Committee meeting on June 16 and 17. This big detail is expected to provide new signals about the next direction of interest rates under the leadership of Fed Chairman Kevin Worsh. After the attack on three oil tankers in Hormuz, the US military has launched new air strikes on Iran, due to which the prices of crude oil have suddenly jumped. The US has also revoked the license allowing it to sell oil to Iran, sending US Treasury yields near their highest levels.

latest gold price

On the domestic futures market MCX, gold fell to a very low level of Rs 1,44,908 at around 10 am today, due to which investors are cautious. Earlier, gold for August delivery had opened in the market at a price of Rs 1,45,200 per 10 grams with a big fall of 0.13 percent. In the last trading session, the closing price of gold was Rs 1,45,392, which has now come down far below the important level of Rs 1.45 lakh. In the international market too, American gold future for August delivery fell 0.5 percent to $ 4,136.30 an ounce.

new price of silver

Along with gold, today there has been a huge fall of 0.68 percent in silver futures for delivery in September, which has created huge turmoil in the market. After this huge fall, the latest price of 1 kg silver on MCX has now come down directly to the level of Rs 2,29,298 per kg. Earlier, at the time of opening of the market in the morning, silver had fallen by 0.36 percent and opened at Rs 2,30,015 per kg, whose previous closing level was Rs 2,30,857. Although spot silver in the international market has increased by 0.8 percent to $ 60.47 an ounce, there is still huge pressure in the domestic market.

Effect of gold price in big cities

This huge fall on MCX will have a direct impact on the markets of big cities like the country’s capital Delhi, UP, Bihar, Patna and Jaipur. Whenever the prices of gold and silver fall so sharply in the futures market, the prices also come down in the local bullion markets of these major cities.

Today, looking at the trends of MCX, a big change in the prices of gold and silver is clearly visible in the retail markets of Patna and Delhi. Investors are keeping a very close eye on these latest and reduced prices of MCX before making purchases in the market of their city.

Also read: Share Market: Big fall in share market, Sensex fell by 400 points; Market shaken by tension in Middle East

Experts’ opinion and market direction

Jigar Trivedi, Senior Research Analyst, IndusInd Securities, clearly says that the trend of MCX gold and silver is weak in the near term. But the possibility of price reversal and short covering cannot be ruled out at all, hence investors should remain cautious.

According to him, the immediate resistance for MCX gold remains at Rs 1,46,000 per 10 grams and strong support at Rs 1,44,000. Keeping a weak stance on MCX Silver also, Trivedi has described Rs 2,32,500 as the main resistance and Rs 2,28,000 as the immediate support.