Tue. Jan 31st, 2023

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Gold prices today rise but still down about ₹5,000 from this month’s highs

1 min read

Gold and silver prices advanced in Indian markets today after the recent correction. On MCX, October futures were up 0.14% to 51,340 per 10 gram. Silver futures on MCX 0.44% edged 0.44% higher to 65,860 per kg. In the previous session, gold prices fell 1.4% or 750 per 10 gram while silver tumbled 1,750 or 2.6%. After the recent correction, gold prices are down about 5,000 from this months’s high of 56,200 while silver has tumbled about 12,000 from record highs of 78,000.

In global markets, gold prices were steady today at $1,933 per ounce. Traders looked ahead to Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole on Thursday for more clarity on the direction of US monetary policy.

Unprecedented stimulus from Federal Reserve and other global central banks have pushed down interest rates to near zero, helping non-yielding gold rise 28% so far this year.

Among other precious metals, silver gained 0.3% to $26.62 per ounce while platinum rose 0.8% to $923.

A stronger US dollar also capped gold’s rise with the US currency holding firm near a one-week high against a basket of currencies. A stronger US dollar makes gold more expensive for holders of other currencies.

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.