On Tuesday, i.e. August 27, 2024, a fall in the prices of gold and silver was observed. As soon as the market opened, a drop of more than Rs 200 was observed in both precious metals. While a day ago the price of gold had crossed Rs 72,000. On the other hand, the price of silver is currently trading above Rs 85,000. According to experts, the impact of tensions from both the Federal Reserve and the Middle East is still lingering. Fluctuations in both precious metals can be observed for a few days.
The dollar index is at its lowest level in a year. There has been a decline of around 8 per cent in the last two months. If we look at the numbers, gold has seen a rise of around 5 per cent since August 6. If experts are to be believed, when the Federal Reserve cuts interest rates in the month of September, the price of gold will be seen moving closer to the level of Rs 75 lakhs. Let us also tell you what kind of numbers are being seen regarding gold and silver at present.
gold price drop
According to the data from Multi Commodity Exchange, the price of gold is falling. At 9.10 am, a drop of Rs 242 per ten grams is observed in the price of gold. While the price has become Rs 71,797. However, gold opened with a drop of Rs 71,898 at 9 am. During the 10-minute trading session, prices also touched the lowest level of the day of Rs 71,770. However, it had closed at Rs 72,039 the previous day. If experts are to be believed, a rise in the price of gold is possible in the coming days.
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Silver also became cheaper
For the second consecutive day, a fall in the price of silver is observed. On the Multi Commodity Exchange, the price of silver is quoted at Rs 85,411 with a drop of Rs 257 at 9.10 am. However, at 9 am, silver opened with a drop of Rs 85,350. A day ago, silver prices closed at Rs 85,668. Even a day earlier, there was a selling atmosphere in the price of silver throughout the day. According to experts, due to low demand for silver, a fall in prices is observed.
Will gold cost Rs 75,000?
Now the most important question is whether gold will cross Rs 75,000. In this regard, Anuj Gupta, Head of Commodity FX at HDFC Securities, said that the Federal Reserve meeting will be held in September. In which it is expected that a reduction in interest rates between 0.25 to 0.5 percent could be seen. If a reduction of more than 0.25 percent is seen, a large fall in the dollar index could be seen. The effect of this will be seen in supporting gold prices. Moreover, the tension in the Middle East is not over yet. Therefore, investors are continuously buying gold as a safe haven.
