Sales pressure on gold
US Federal Reserve Chairman Jerome Powell has signaled a rise in rates, putting intense pressure on gold. This led to gold sales. As a result, gold prices fell in the international market. Powell said they would use every available means to curb inflation. An increase in interest rates can be decided even if it is 100 basis points. This had a severe negative effect on the psidi. But there are also fears that a recession could erupt if interest rates continue to rise. Also, the weakening of the US dollar and the weakening of equity markets are some of the factors that contribute to gold.
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Rates in the global market are as follows
Once you look at the gold prices in the international market .. have come down today. The pound sterling rate fell 0.28 percent per ounce. Dropped to $ 1824. Also the silver rate ran in a similar direction. Declined 0.61 percent. Moving at $ 20.91 an ounce.
Rs. Resistance at 51,300
While gold prices are moving in the range bound. In the Multi Commodity Exchange (MCX) market, the pound is trading at Rs. Experts say there is resistance at 51,300. As well as Rs. Indicates support at 50,500. When it comes to silver rate .. Rs. Said to have resistance at 61,300. Another Rs. Support at 59,800.
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