Gold and Silver Price Update: Gold prices fell sharply in domestic markets on Wednesday, with prices adjusting in line with global markets. A drop in US bond yields limited the losses. Prices were hit by the strengthening US dollar and concerns over further rate hikes by the Federal Reserve.
On MCX, gold futures were trading at Rs 52,122 per 10 grams, down 0.88% or Rs 463. However, silver futures fell 1.91% or Rs 1,132 to Rs 58,144 per kg.
According to the Indian Bullion and Jewelers Association, the highest purity gold was sold at Rs 52,461 per 10 grams while silver was sold at Rs 58,352 per kg in the spot market.
Gold also fell in the global market due to the strengthening dollar and fears of a rate hike. It hit $1,798, down 0.96%. Speaking of silver, its price hit $20.41, down 2.08%. Copper fell 1.39% to $362.
The price of aluminum is also witnessing the fall
Among the other precious metals, aluminum and zinc also declined. Aluminum fell 3.41% to $2,435. The price of zinc reached $3589. WTI crude slid 2.91% to $89.41 a barrel.
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