Tue. Jan 31st, 2023

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Gold prices rise today but down ₹4,500 from this month highs, silver soar

1 min read

Gold and silver prices rose today in Indian markets, following positive trend in global rates. On MCX, October gold futures rose 0.3% to 51,600 per 10 gram to extend gains to the second day. September silver futures on MCX surged 2% to 67,350 per kg. In the previous session gold had surged 500 per 10 gram while silver had gained about 1,000 per kg. Gold prices in India had hit a record high of 56,200 on August 7 and since then prices have been volatile in tandem with movement in global rates.

In global markets, gold prices today hit a two-week high, supported by a weak US dollar. Spot gold was up 0.4% at $1,971.68 per ounce, after hitting $1,976 in early trade – its highest since August 19th. US gold futures rose 0.4% to $1,982.50. The dollar index fell 0.2% and was on track for its fourth consecutive monthly decline.

Among other precious metals, silver jumped 1.7% to $27.94 per ounce while platinum rose 0.4% to $935.06.

Gold was also supported by the US Federal Reserve’s new policy framework which suggested that interest rates would remain low for some time, say analysts. Last week, Fed Chairman Jerome Powell said the central bank would adopt an average inflation target, meaning rates are likely to stay low for longer.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.