In August, both gold and silver moved in opposite directions. On the Multi Commodity Exchange, the price of gold rose. There was an increase in the price of silver. In August, the price of gold rose by about 3 percent. The price of silver fell by less than one percent. According to experts, an atmosphere of rising gold prices prevails on foreign markets. In August, the dollar index reached its lowest level in a year. On the other hand, tensions in the Middle East also supported gold.
On the other hand, data on inflation and the US economy are about to be released. After which it will be known whether or not the Federal Reserve will take a decision to cut interest rates in September. By the way, the Chairman of the Federal Reserve has already confirmed that the meeting scheduled for September may be shortened. If a reduction of 0.25 or more is observed, then a fall in the price of gold on the international market may be observed. Let us also tell you what kind of data has been seen for gold and silver on the Multi Commodity Exchange.
How much has the price of gold increased?
Firstly, if we talk about gold, in the month of August there has been a rise in the Multi Commodity Exchange. According to the data, on July 31, the price of gold was below Rs 70,000 and stood at Rs 69,655 per ten grams. It increased to Rs 71,611 per ten grams on Friday, August 30, the last working day of August. This means that the price of gold has seen an increase of 2.80 percent i.e. Rs 1,956 in the month of August. However, a fall of Rs 577 was observed in the price of gold on Friday. In the month of September, an increase in the price of gold can be observed.
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Silver Disappointed
On the other hand, silver has disappointed investors a lot. Though there may be a slight fall in silver prices in the month of August, there has been a fall. According to data from Multi Commodity Exchange, the price of silver on July 31 was Rs 85,744 per kg. It declined to Rs 85,210 per kg on August 30. This means that there has been a loss of 0.62 percent i.e. Rs 534 in the price of silver in the month of August. If we talk about Friday, a fall of Rs 1,839 per kg was observed in the price of silver. According to experts, the price of silver has fallen due to the decline in industrial demand.
condition of foreign markets
Speaking of foreign markets, the spot gold price on Comex has seen an increase of $55.79 per ounce in one month. This means that investors have seen an increase of 2.28 percent. At present, the gold price has reached $2,503.39. By the way, on Friday, the spot gold price fell by more than $17. On the other hand, spot gold prices rose in August by 2.21 percent, or $54.6 per ounce. On Friday, a drop of $32.70 per ounce was observed in the gold price. At present, the price has reached $2,527.60 per ounce.
On the other hand, the price of spot silver on the Comex market has seen a decline. In August, the price of spot silver fell by 0.48 percent. On the other hand, the price of spot silver on Friday fell by 1.89 percent. Currently, the price of silver has reached $28.86 per ounce. Meanwhile, a slight increase has been observed in the price of silver futures. In August, prices rose by 0.69 percent. On Friday, the price of gold futures on Comex fell by 2.82 percent and the price dropped to $29.14 per ounce.
