Gold Price: Even today, there was a slowdown in gold, silver also fell, after all, why is gold running soft?
Gold prices are declining again on Thursday, August 26, 2021. Flat trading was seen in the international spot price of gold. Gold was trading at US$ 1,790.63 an ounce. Spot gold had lost 0.7 per cent in the previous session. In view of the move of the international market, gold also opened with a slight fall in the domestic market. On the Multi Commodity Exchange, the October contract gold was at Rs 47,162 per 10 grams. In the previous session, it had closed at Rs 47,179 per 10 grams.
At the same time, silver futures on MCX had fallen by Rs 71. September silver was at the level of Rs 63,201 per kg. In the previous session, it had closed at Rs 63,272 per kg.
If you look at GoldPrice.org, then in the international market, gold was falling 0.31 percent on MCX at 11.50 am Indian time and the metal was trading at the level of $ 1785.96 an ounce. At the same time, silver was also trading 0.62 percent lower at $ 23.71 an ounce.
If you look at the rate of India Bullion and Jewelers Association Limited ie IBJA, then with the last update, the price of gold today is like this- (These prices are given per gram without GST charge)
999 (purity) – 47,448
Silver 999- 63,382
Why is gold moving soft?
Actually, this week US Federal Reserve Bank Chairman Jerome Powell is going to give a speech on the ‘Economic Outlook’, which investors are waiting for. It is believed that Powell can say something big on cutting the economic stimulus, due to which there is a caution in the bullion market. The Federal Reserve is also expected to raise interest rates.
The US equity market has recorded record gains this week and investors are also taking risks there, so gold prices remain soft.