Gold below its 2020 peak of Rs 9,000

Gold below its 2020 peak of Rs 9,000

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Similarly, the price in the country was rs.56,200 this year, which is more than Rs.9,000.
Gold prices in India fell again on Friday as the multi-commodity index (MCX) traded at Rs 47,474 per 10 grams, down 0.1 percent. Silver futures on MCX rose 0.48 per cent to Rs.68,821 per kg.

In the previous session, the price of gold had fallen by Rs.59, or 0.12 per cent, to Rs.47,954 per 10 grams for April, according to a report by PTI.

Similarly, the price in the country was rs.56,200 this year, which is more than Rs.9,000.

The international market also saw a drop in the price of gold. Spot gold fell 0.22 percent to $1,820.86 an ounce, while U.S. gold fell 0.19 percent to $1,823.30, bloomberg reported.

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The fall in the price of gold has come against the backdrop of an increase in yield of 10-year U.S. treasuries. Bitcoin, the largest cryptocurrency, has hit new highs since BNY Mellon offered its custodian services for digital assets, Bloomberg reported.

“Gold may continue to reflect the trend in the U.S. dollar, focusing on global virus status as well as us stimulus and central bank monetary policy stance. However, we are seeing some signs of fatigue near the $1850/ounce level and if the Us dollar manages to recover some lost land, small improvements cannot be ruled out, mint kotak securities report said.

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The demand for gold is expected to increase with the reduction in import duty in China and the New Year in India as per budget 2021-22.

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