Gold Silver Price in India: Vigorous action is being seen in the bullion market. There is a softening in the prices of gold and silver in the domestic futures market. The price of gold on MCX fell by Rs 110 and is trading at Rs 59418 per 10 grams. Similarly, softening is also being seen in the price of silver. The price of silver has slipped by Rs 310 on MCX. Its price has come up to Rs 72172 per kg.
Gold and silver in international market
A sharp decline in the prices of gold and silver is also being recorded in the international spot market. Gold price on Comax is trading at $1970 per ounce. Similarly, there is a softening in the prices of silver as well. Silver has slipped to $ 23.58 per ounce on Comax.
Why is gold and silver breaking?
In America, 1.87 lakh new jobs were added during July, while the estimate was 2 lakh. At the same time, the unemployment rate has slipped to a record low of 3.5%, the estimate was 3.6%. Its effect was seen on dollar and bond yield. As a result, pressure is also being seen on gold and silver.
Outlook on Gold and Silver
Amit Sajeja of Motilal Oswal Commodities said that gold prices will rise. The price on MCX can reach up to Rs.59800 per 10 grams. For this, it is advised to keep a stoploss of Rs.59100.
