Gold is currently trading at a fall of 0.15 percent from its previous closing price.
Silver is currently trading 0.68 percent below the previous closing price.
By the end of this year, gold can catch the level of 54 thousand.
New Delhi. There is also a softening in the prices of gold and silver today. The effect of the volatility in the global market is also visible on the Indian futures market today. The price of silver came down below 58 thousand today. Earlier, the price of gold had reached a month high.
Gold futures of 24-carat purity fell by Rs 75 to Rs 51,351 per 10 grams on the Multi Commodity Exchange (MCX) this morning. Earlier, trading in gold had started openly at the level of Rs 51,250, but soon the price went beyond 51,300 due to increase in demand. Gold is currently trading at a fall of 0.15 percent from its previous closing price.
big fall in silver
On the lines of gold, there is a big fall in the prices of silver today. Silver futures fell by Rs 395 to Rs 57,931 per kg on the Multicommodity Exchange today. Earlier, trading in silver had started openly at Rs 58,261, but due to the slowdown in demand, the price came down to 58 thousand. Silver is currently trading 0.68 percent below the previous closing price.
volatility in the global market
The prices of gold and silver are also seen fluctuating in the global market. The spot price of gold in the US market was $ 1,774.04 an ounce, which is 0.09 percent higher than its previous closing price. However, the spot price of silver showed a decline today and it was selling at $20.2 per ounce. Silver is trading today at 0.68 percent decline from its previous closing price.
How will gold move this year
Experts say that even though there is pressure on gold right now, but as soon as the risk of inflation and recession subsides, gold will once again gain momentum. Ajay Kedia, director of Kedia Advisory, has estimated that by the end of this year, gold can hold the level of 54 thousand. However, he also mentioned the volatility of the market and said that if there is a fall, then the price of gold can go up to 48 thousand per 10 grams.
FIRST PUBLISHED : August 02, 2022, 10:55 IST