Gold Silver Rate: A decline is being seen in the prices of gold and silver in the country today and this is being influenced by major signals coming from both India and America, which will be seen in the future also. In India, the meeting of the Monetary Policy Committee of the Reserve Bank of India has started from today and the effect of the speech of the Federal Reserve Chairman in America can be seen on the commodity market today. Due to this, the prices of gold and silver have remained soft.
Where are the prices of gold and silver today?
At 9 am on Multi Commodity Exchange (MCX), gold was falling by Rs 41 and was being sold at Rs 76879 per 10 grams. This is the price of February futures of gold, in which after the fall in the morning, the price of Rs 76949 is being seen around 11 am. Apart from this, if we look at the rate of silver at 11 am, it is trading at the rate of Rs 92356 per kg.
Why are there fluctuations in the prices of gold and silver?
The last Monetary Policy Committee meeting of the year of the Reserve Bank of India has started from today. In this, amidst the concern about inflation rate, what decision do RBI Governor Shaktikanta Das and members of the Monetary Policy Committee take on the repo rate and other policy rates. Due to this, a slight decline is being seen in the price of gold. At the same time, the wait for the speech of Federal Reserve Chairman Jerome Powell is also affecting the gold rate because after his speech, the price of the dollar is expected to rise and after the rise of the dollar, the price of gold falls, such a trend. It has been watched for years.
What do commodity market experts have to say?
Colin Shah, MD of Cama Jewellery, says that the current fall in the price of gold is basically due to the rise seen in the dollar index and this will pull the price of gold further down. Going forward, there will be short-term volatility in the price of gold and it will be mainly based on the movements coming from America. Depending on the decision on interest rates in the upcoming Fed meetings, movement can be seen in global and local prices of gold.
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