Gold prices has started to fall again. Gold prices in the international market has touched below of $1210 which is the lowest level in nearly 9 months. It have had an impact on domestic businesses, and despite a weaker rupee MCX gold has come under pressure. Gold prices in the international market this month has fallen by about 5.5 per cent. While silver has tumbled nearly 8 per cent.
US gold futures fell to their lowest level since January, while a view to higher interest rates in the United States helped prop up the dollar, curbing demand for the metal as an alternative investment.
In the Comex Exchange Gold futures delivery in December quoted at $ 1,208.00 a troy ounce during American hours of the morning, down $ 10.80 from the closing price of $ 1,218.80 on Monday. Comex gold futures hit a session low of $ 1,205.00 earlier, a level last seen in January 2. Comex Silver futures for delivery in December dropped 2.6 percent to $17.115 an ounce. The metal fell 6 percent in September, the most since June 2013.
“Today, was the last trading day of September. This whole month has proven to be worse for commodity markets. Gold and silver declined by 5 to 8 per cent. The last 15 months gold has fallen this month. While silver continues a steady decline in the past three months.” said 100 Mcx Tips.
In the domestic market declined by 0.25 per cent on MCX gold is trading at Rs 26,843. While, with 0.9 per cent drop silver is seen at Rs 39,000.
US gold futures are under way for a fall of 9.2% in the three months that ended September 30, while silver prices are nearly 19% lower from late June, amid speculation of a strengthening economic recovery in the United States cause the Fed to raise rates sooner and faster than expected previously.
Meanwhile, Dollar Index has gained nearly 7.5% this quarter, the most since the global financial crisis of 2008.
A stronger US dollar is usually weighs on gold as it absorbs the metal’s appeal as an alternative asset and urges commodities denominated in US dollars for holders of other currencies.
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