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Strong Dollar puts pressure on Indian Gold Price

Sep 7, 2023

By: BlinkX Research Team

Gold experienced a decline on Thursday, driven by a stable dollar. This drop in gold prices was fueled by concerns about inflation and the potential for further interest rate hikes by the US Federal Reserve. 

The dollar index (DXY) stood at 104.86, closely approaching 105 against a basket of major currencies, marking a six-month high for the Dollar. This steady dollar performance exerted downward pressure on the price of gold.

On the MCX, the October gold futures saw a decrease of Rs 71 or 0.12% compared to the previous day's closing price, settling at Rs 59,017 per 10 grams. Simultaneously, December Silver futures traded at Rs 72,214 per kilogram, reflecting a decrease of Rs 258 or 0.36%.

Notably, October Gold futures concluded with losses of Rs 156 or 0.26% per 10 grams at Rs 59,087 on Wednesday, and December Silver futures also closed lower at Rs 72,465, declining by Rs 980 per kilogram or 1.33%.