Gold and Silver Prices Dip as Dollar Strengthens, Trade Tensions Ease
Gold and silver prices fell sharply in the domestic market on Tuesday as the US dollar gained strength and easing trade tensions between the United States and China reduced investors’ demand for safe-haven assets.Qouting by kashmir life
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On the Multi Commodity Exchange (MCX), gold futures for December delivery declined by ₹836, or 0.69%, to ₹1,20,573 per 10 grams, with a business turnover of 13,332 lots. Silver futures for December delivery also dropped ₹1,558, or 1.05%, to ₹1,46,200 per kilogram in 20,939 lots.
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The dollar index, which measures the dollar’s performance against six major currencies, rose 0.08% to 99.95, putting downward pressure on bullion prices.
Globally, Comex gold futures for December delivery traded lower at USD 3,994.81 per ounce — a drop of USD 19.19 or 0.48%. Silver on the Comex also fell by 0.62% to USD 47.75 per ounce, marking its third straight session of losses.
“Gold hovered near the USD 4,000 mark as the dollar remained firm around a three-month high. The easing of US-China trade tensions and the low possibility of a Fed rate cut in December have reduced demand for precious metals,” said Manav Modi, Analyst – Precious Metals Research, Motilal Oswal Financial Services Ltd.
Federal Reserve officials have issued mixed statements regarding the US economic outlook, especially as the ongoing government shutdown has delayed key economic data.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, investors are now waiting for upcoming US private payroll data for more clarity on the Fed’s policy direction. “With the easing of US-China trade frictions, safe-haven demand for gold has softened further,” he added.
Experts suggest that gold and silver may remain under pressure in the short term as the market digests the strengthening dollar, improving trade sentiment, and mixed economic signals from the US ahead of crucial data releases.
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