Business

Gold prices fall by Rs 9,000 from record high

Bullion traders await the US Consumer Price Index data to be released on Wednesday

Gold and silver prices remained weak during early trading in the domestic markets on Tuesday. On MCX, the futures contract for gold rose marginally to Rs 47,137 per 10 grams and silver was flat at Rs 61,724 per kg. Due to the strengthening of the dollar, there was pressure on the rate of gold in the international markets as well.

Gold prices have struggled to rise this year after touching a record high of Rs 56,200 per 10 grams last year.

Equity markets in many countries also fell as investors worried about the escalation of the energy crisis and a pick-up in inflation.

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Brokerage firm Kotak Securities said that due to supply issues, prices of some commodities have increased. If the risk remains low and the dollar rises further, there could be some downside.

Gold is seen as a hedge against inflation, but the introduction of the US Federal Reserve’s reduction in purchases of bonds will increase the cost of gold and reduce the benefits for investors.

In the international markets, the spot price of gold remained flat at $1,753.77 an ounce.

Silver was down 0.2 per cent at $22.52 an ounce.

Gold traders await the release of the US Consumer Price Index on Wednesday. Analysts expect the uptrend to continue.

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