Current trend of decline in gold and silver prices
The prices of gold and silver have been falling continuously in recent days. The effect of the decrease in gold prices in the international market has also been seen in India. If you are thinking of buying gold and silver, then this time can prove to be very beneficial for you.
Today’s latest price of gold and silver
Today, on 3 September 2024, there has been a decline in the price of gold in India. The price of 24-carat gold in the country is Rs 71,720 per 10 grams and the price of 22-carat gold is Rs 65,743 per 10 grams. In the last week, the price of 24-carat gold has come down by 0.16 per cent, while in the last ten days, the price of gold has increased by 0.08 per cent. At the same time, the price of silver is currently stable at Rs 842.5 per 10 grams.
Fall in gold prices in the international market
Gold prices in the international market are falling due to the strength of the US dollar. The dollar has touched a two-week high, making gold less attractive for other currencies. Investors are awaiting US macro data such as the ISM survey, JOLTS job openings, ADP report, and the August non-farm payrolls report this week. These data will reveal how much the US Federal Reserve will cut interest rates this month. A cut in interest rates can boost gold prices.
Effect of interest rates and dollar price on gold
When interest rates are low, the return on interest-based assets such as savings accounts and bonds decreases. This also reduces the value of the US dollar. Gold prices are fixed in dollars, so a fall in the dollar also reduces gold prices.
The future direction of gold prices
Experts believe that if the US macro data shows a weak economy this week and the Federal Reserve cuts interest rates by more than 25 bps, then gold prices may see a rise. However, some more positive news will also be required for this.
Conclusion
The current fall in gold and silver prices is a great opportunity for those willing to buy.
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