Dollar Firmly Breaks Gold In International Market

The US dollar firmly fell to the brightness of gold and silver on Wednesday. In the US, the dollar is witnessing a spurt in the report of a stiff bump between President Donald Trump and Democratic Party candidate Joe Biden as a result of the presidential election, which has slowed down the pace of costly metals. Gold rose to $1,882.80 an ounce in the international market in the past session from $1,882.80 an ounce. Silver has declined by more than two per cent. UP Hindi News and National Hindi news with latest update.

 

 

The decline in the global market also led to the weakness of gold and silver trading in the Indian futures market on Wednesday. In the last session, gold and silver were more than one per cent faster in the domestic futures market.

 

However, bullion market pundits and businessmen say the fall in gold and silver will increase in the festive season.

 

Shanti Bhai Patel, president of the Gem and Jewellery Trade Council of India (GJTCI), said that there is a festival of Dhanteras which has the highest gold and silver purchases in the country and then the wedding festival is also going to start, so the decline will increase.

 

Mumbai businessman Kumar Jain also says the demand for gold and silver will increase for the wedding season.

 

 

The country's largest futures market, the Multi Commodity Exchange (MCX), was trading at Rs 51,367 per 10 grams in the December futures contract of 231 rupees, or 0.45 per cent, from the previous session at 9.18 am on Wednesday, while gold prices opened at Rs 51,320 and slipped to Rs 51,260.

 

In The December contract of Chandi, the trade was trading at Rs 61,779 per kilo, or 1.45 per cent, from the previous session, while silver opened at Rs 61,340 per kilo at the MCX.

 

Gold's December contract on the international futures market comex was trading at $1,898.20 an ounce, down $12.20 an ounce, or 0.64 per cent, from $1,882.80 an ounce.

 

 

Silver was trading at $23.88 an ounce in the December contract of Silver on comex, while silver fell to $23.27 an ounce.

 

The dollar index, which strengthened 0.47 per cent from the previous session, was up 0.47 per cent from the previous session, compared to 94.32.

 

Gold and silver are likely to be bullish in the long term, according to Ajay Kedia, managing director of Kdia Advisory.