Review: Gold fell by Rs 1556 and silver by Rs 4490

MUMBAI : Gold in the domestic bullion market last week lost Rs 1556 per ten grams as the precious metals faded in the global market under pressure from the Fed Reserve’s aggressive stance on increasing interest rates in the US. And silver fell by Rs 4490 per kg. In the reporting week, there was a […]
 | 

Review: Gold fell by Rs 1556 and silver by Rs 4490

MUMBAI : Gold in the domestic bullion market last week lost Rs 1556 per ten grams as the precious metals faded in the global market under pressure from the Fed Reserve’s aggressive stance on increasing interest rates in the US. And silver fell by Rs 4490 per kg.
In the reporting week, there was a declining trend in the precious metals in the global market. Spot gold fell by $ 62.35 an ounce to $ 1814.75 an ounce on the weekend. Also, US gold futures fell by $ 61.2 an ounce to $ 1824.30 an ounce. Similarly, silver spot fell by USD 1.37 an ounce to USD 20.96 an ounce over the weekend.
Last week, the effect of the fall of the foreign market was also in the country’s largest futures market MCX. On the weekend, gold fell by Rs 1556 to Rs 49683 per ten grams, below the psychological level of Rs 50 thousand. Similarly, gold mini fell by Rs 1593 to Rs 49683 per ten grams.
Locally silver declined by Rs 4490 to Rs 58199 per kg during the period under review. Also, silver mini fell by Rs 4443 to Rs 58579 per kg on the weekend.