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Gold Price: Gold became cheaper by 6000 rupees per 10 grams in 6 months, know what is the reason for this? – InsideBuzzs

Spotlight 7 by Spotlight 7
September 19, 2022
in Business, News
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Seeing the rising inflation in America, investors all over the world are cautious in investing. The figures released last week on inflation in the US turned out to be worse than expected.

After these inflation figures came out, this debate has taken hold that the Federal Reserve may increase interest rates this week. For this reason investors are preferring to invest in dollars over other avenues. Investor interest in dollar is adversely affecting gold prices.

Along with this, due to the decrease in the demand for gold in the domestic market, gold is also weakening. During the last one week, the prices of gold in the Indian market have come down by about Rs 1500, or about three percent.

Federal Reserve may increase interest rates by 100 basis points:

After the release of inflation data in the US, market experts believe that the Federal Reserve can increase interest rates by a hundred basis points, or about one percent, in a week.

Amid this apprehension, the dollar index continues to strengthen and this is reducing investor interest in the yellow metal. Due to this situation gold prices are falling.

On Monday morning, Gold Futures on Gold MCX is trading 0.3% lower at Rs 49,237 per ten grams. This is the lowest level in nearly six months for gold prices. At the same time, silver was trading at Rs 56,820 per kg on MCX, almost constant.

Gold weakening in the world market:

There is a weakness in the price of gold in the world market. US gold spot prices saw a decrease of about $ 1667.85 (0.42%) per ounce in the last trading day. Along with gold, silver prices are also softening. Spot silver prices also looked weak. Spot silver fell 0.22 per cent to $19.36 an ounce.

The impact of the global market movement on the bullion market of the country:

The business movement of the global market is also affecting the bullion market of the country. The declining trend of gold prices in the country continues. MCX Gold Futures with October expiry is trading 0.38 per cent lower at Rs 49,190 per ten grams.

On the other hand, silver futures with December expiry are up 0.13 per cent marginally. It is currently trading at Rs 56,796. On an average in the last six months, gold is trading with a weakness of Rs 6,000 per ten grams.

Gold weakened due to increase in import duty:

The central government has recently decided to increase the duty on gold imports from 7.5 per cent to 12.5 per cent. The government has taken this step to control the demand for gold in the country. Due to the government’s decision to increase the import duty, the demand for gold in the domestic market has come down.

Due to this also the prices of gold in the country’s bullion market have come down. Let us tell you that India is the second largest gold importing country in the world. In such a situation, due to increase in import duty, there is a decrease in the demand of gold in the country.



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