Gold tumbles with silver to lowest since 2010, on Dollar strengthened

BT02TC yens notes

Gold and silver fallen in global market, falling to the its lowest level since 2010, as the greenback strengthened after the Bank of Japan suddenly increased stimulus and the Fed of asset purchases terminated this week.

On MCX domestic market Gold and silver have declined sharply. With closer to 2 per cent decline on MCX gold appears close to Rs 26,085. By around 2.5 per cent to decline Silver also has touched down to Rs 35,640. Continues to dollar strengthen in the international market gold had touched the levels below $1170, today. While silver is trading at 4.5 year low.

The Fed being weighed the schedule of rises interest rates and other national central banks to add stimulus to boost their economies. The Bank of Japan said today that it has led the expansion of its program of unprecedented monetary stimulus by 80 trillion yen ($ 726 billion), sending the yen to a minimum of six years against the dollar. Gold yesterday cleared the breakthrough of the year after beating estimates of gross domestic product.

In London Gold for immediate delivery fell 2 percent to $ 1175.38 an ounce, according to Bloomberg. Precious metal hit above $ 1167.49, the lowest since July 2010. Silver crept up 3 percent to $ 16.0009 an ounce, its its lowest level since February 2010, before trading at $ 16,055.

Bullion is moving toward a fall of 4.5 percent this week, the highest since September 2013. The metal is also established for the first monthly loss in a row in 2014.

US gold futures for delivery in December on the Comex in New York decreased 2.1 percent to $ 1,174 an ounce, after stirring $ 1,166.20, the lowest since July 2010. Silver futures for it month delivery decreased as much as 2.8 percent to $ 15.955, the lowest since February 2010.

Actually yesterday showed US GDP figures, which were quite good than expected. The employment situation is improving as well. The dollar has reached the upper level of 1 month. On the other hand, the rupee today strengthened against the dollar, gold and silver prices in domestic markets has had a double pressure.

While, today Indian benchmark 50 share index BSE Sensex rose nearly 2 percent  to a record for a second day after the Bank of Japan’s surprise expanding its massive stimulus program raised hopes for additional foreign inflows, rising blue chip companies such as Larsen and Toubro.

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Posted in Commodity, MCX, Stocks Market

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