Sharp decline in Gold, Silver prices as US dollar strengthens
Spot Gold fell to $1286.30 per ounce while silver fell to $19.26 per ounce. US Gold futures for October delivery has fallen to $1285.6 per ounce after closing on Thursday trade at $1310.8.
Gold prices have crashed by more than $34.30 in the past twenty four hours as strength in US dollar and rising bond yields reduced the appetite for safe haven investments in Gold.
Spot Gold fell to $1286.30 per ounce while silver fell to $19.26 per ounce. US Gold futures for October delivery has fallen to $1285.6 per ounce after closing on Thursday trade at $1310.8.
US gold futures have On daily charts, a V-shaped recent recovery in prices from $1200 levels to $1348 levels has been temporarily reversed but markets could still witness a bounce back to $1350 levels soon, according to Sreekumar Raghavan, Chief Commodity Strategist at Commodity Online Group.�An RSI of 43 indicates a bearish trend for the near term�
At India's Multi Commodity Exchange (MCX), gold futures for October delivery fell 1.8% to Rs 27445 per 10 grms after closing at Rs 27934 on Thursday trade. "Rupee weakness continue to support gold prices in India and recent RBI directive on import of gold has also added to the uncertainty during a period of seasonal weakness in the yellow metal," Sreekumar Raghavan added.
Sumber : Google
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