First Published Aug 29, 2022, 10:05 AM IST
The first day of the week, gold prices have started with a big fall. Trading started bearish today after being unpredictable last week.
Gold prices fell by Rs 35 per gram and Rs 280 per gram today.
In Chennai, 22 carat jewelery gold was sold at Rs 4,805 per gram and Rs 38,440 per gram as on Saturday evening.
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Gold prices fell dramatically on Monday (today) morning. It fell by Rs 35 to Rs 4,770 per gram, while sawan fell by Rs 280 to Rs 38,160.
In Coimbatore, Trichy and Vellore, gold is selling at Rs.4770 per gram.
Gold prices fluctuated throughout last week. On the 22nd, gold was at Rs 4,815 per gram, but on Saturday, the last day of the week, it was at Rs 4,805. The shaver was priced at Rs 38,520. In the intervening 4 days Savaran has dropped by Rs 80 and today Savaran was trading at Rs 38,440.
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However, today, the first day of the week, the price of gold has fallen drastically. 35 rupees per gram and Rs.280 per gram will come down to below Rs.38 thousand.
what is the reason
Speaking on Saturday, the head of the US Federal Bank, Powell, had warned that interest rates will be raised sharply in the coming month to control inflation in the United States. As a result, the value of the dollar began to strengthen in the international market. US stocks also rose in value.
Due to which investors are withdrawing their investment and investing in dollar, the investment in gold is decreasing. The Mumbai Stock Exchange and the National Stock Exchange took a big hit this morning. Gold prices are likely to fall further if the dollar strengthens in the coming days, market experts said
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Silver prices also fell today. Silver fell by 70 paise to Rs 60.00 per gram and rose by Rs 700 to Rs 60,000 per kg.
Last Updated Aug 29, 2022, 10:19 AM IST