Indore, Naidunia Representative Gold Silver Price Indore. Precious metals are under pressure due to the rise in the US dollar. Due to the pressure on the upper levels in gold, its upward movement has slowed down and its gains are not sustaining at the upper levels. Comex gold has fallen by about 2 percent in the last week to $ 1799 an ounce in the period of US dollar strength. Domestic futures gold is down 1.25 percent at Rs 46930 per ten grams.
The US Rogar report last week was fine. However, the ever-increasing number of Kovid-19 daily cases and deaths in the country remains a matter of concern. It supports the price of precious metals. According to Nripendra Yadav, analyst at Swastik Investmart, Asia-Pacific, Chinese inflation data, according to which the consumer price index rose 0.1 percent month-on-month in August and 0.8 percent year-on-year in August. The producer price index has risen 9.5 percent year-on-year. Due to mixed figures, the prices of precious metals have remained in a limited range.
Meanwhile, the World Platinum Investment Council (WPIC) on Thursday forecast that the global platinum market will be in substantial supply this year as mine supply picks up and investment demand declines. The European Central Bank kept its monetary policy unchanged on Thursday but has opted to slow down the pace of net asset purchases under its pandemic emergency buying programme. Euro area inflation hit a decade high of 3 percent in August and GDP in the euro area’s 19-member common currency bloc rose 2 percent in the second quarter, raising expectations of economists.
According to Yadav, according to technical analysis, precious metals can remain in a limited range this week. Gold has support at Rs 46400 and resistance at Rs 48000. In December futures silver has support at Rs 62500 and resistance at Rs 66500.
On Friday, the last day of the week in the international bullion futures market, the futures closed lower due to selling by speculators. On Friday, gold fell by $ 16 to $ 1787 an ounce and silver by 56 cents to $ 23.73 an ounce in the global market on Friday. Due to this, the trend of falling gold and silver prices continued in the domestic bullion market on Saturday. Gold fell by Rs 100 while silver fell by Rs 600 more. In the last eight days, gold has become cheaper by about Rs 600 per ten grams and silver by Rs 1,300 per kg. On September 4, gold was Rs 48950 and silver Rs 66200 in Indore, which decreased to Rs 48350 by September 11. per ten grams and silver fell to Rs 64900 per kg. Even at these prices, the demand is weak at present.
Closing Price: Gold Cadbury-Rava 48350 Gold (RTGS) 48200 Gold 22 carat (91.60) 44150 rupees per ten grams. On Friday, gold Cadbury-Rava had closed at Rs 48450.
Silver Chaurasa 64900 Silver Raw 65000 Silver (RTGS) 65200 Rs. Quoted per kg. On Friday, Silver Chaurasa closed at Rs 65,500.