Gold and Silver Prices Tumble Amidst Global Economic Trends
Gold prices decreased by Rs 80 in the national capital, ending a five-day winning streak amid weak global trends. Silver also dropped significantly. Factors like rising US bond yields and a strong US dollar contributed to the decline. Market participants are now eyeing upcoming US economic data releases.
- Country:
- India
Amid a global economic downturn, gold prices saw a decrease of Rs 80, settling at Rs 80,580 per 10 grams in the national capital on Tuesday, as stated by the All India Sarafa Association. This fall comes after a steady five-day rally.
Meanwhile, silver experienced a sharper decline, dropping by Rs 1,300 to Rs 91,700 per kg, attributed to decreasing demand from industrial units and coin manufacturers. Gold prices also saw a drop in the futures market, with February contracts on MCX declining by Rs 16 to Rs 78,150 per 10 grams.
The dip in precious metal prices has been linked to an increase in US Treasury yields and a strong US dollar. Analysts suggest that safe-haven assets are currently overshadowed by riskier investments, especially as markets anticipate key economic data from the US, including the Core Producer and Consumer Price Indexes.
(With inputs from agencies.)
- READ MORE ON:
- gold
- silver
- prices
- US dollar
- bond yields
- commodity market
- MCX
- comex
- Federal Reserve
- US economy
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