Gold price today down 8,000 rupees from record highs. Should we invest?

Gold was trading flat in India on Wednesday. On the Multi-Commodity Exchange (MCX), gold futures rose 0.18% to Rs 47,097 for 10 grams at 11:45 am IST on June 21. Silver saw a marginal jump on June 23. July silver futures rose 0.28% to Rs. 67,747 per kilo.

In the international market, gold prices rose on Wednesday after US Federal Reserve Chairman Jerome Powell pledged to keep interest rates close to zero for a while. Spot gold was up 0.2% to $ 1,781.18 an ounce at 4:20 am GMT. US gold futures gained 0.2% to $ 1,781.30 an ounce. The dollar index rose 0.1% in the session against its rivals.

“Gold and silver prices are slightly lower Tuesday at noon, as markets are on hold before the much-anticipated comments from the head of the US central bank this afternoon. August gold lost $ 4.90 to $ 1,778.00 and July ExCom silver lost $ 0.20 to $ 25.82 an ounce. remarks by Federal Reserve Chairman Jerome Powell to a House committee. Text prepared by Powell for today’s appearance on the coronavirus pandemic, released Monday afternoon, shows him reiterating that the rise in inflation is transient. Major foreign markets are now seeing the US dollar index weaken. Nymex crude oil futures are weaker and are trading around $ 72.65 per barrel after hitting 2.5 year high of $ 73.36 overnight Brent crude traded above $ 75.00 overnight it while the global demand for energy continues to increase. Reports indicate that Russia is considering offering OPEC and its allies to increase production at the next OPEC meeting on July 1, with the global oil market currently in need of an additional 3 million barrels per year. day to meet demand. The yield on the benchmark 10-year US Treasury bond is currently 1.5%, ”said Amit Khare, AVP-Research Commodities, Ganganagar Commodities Limited.

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