Due to the strengthening of rupee and gold

Due to the strengthening of rupee and gold - silver prices declined

Due to the strengthening of the rupee, gold and silver glow in the domestic futures market seems to be fading.

The gold contract fell to Rs. 32,395 per 10 grams with a loss of Rs. 103 on the Multi Commodity Exchange (MCX) at around 11.30 a.m. On the MCX, silver for July futures fell by Rs 19 to Rs 37,631 per kilogram. Talking about the international markets, the gold spot price is below $ 1300 per ounce. However, the prices in the overseas market are still close to a month's height.

According to Kunal Shah, research head of Nirmal Bang Commodities, the rupee has firmly shown pressure on gold prices in the domestic market. However, increasing trade war between the United States and China, there is a sign of increasing demand for gold investment. It is advisable to buy gold on MCX. In today's session MCX can be bought on the gold June contract at a price of 32300 rupees. Investors should put a stoploss at the price of 32,200 rupees. Gold prices can show a price of 32,500-32,550 rupees per 10 grams in two sessions.

After increasing US duty, China on Monday also announced to increase the tariff by taking counter-action. This move by China is an indication of the rising gold investment demand. Apart from this, tension is also growing between Iran and the US, because Saudi Arabia has said that Iran has attacked its two oil tankers. Typically, if there is political tension in any part of the world, then the safe investment demand of gold increases.

Commodity market analysts say there is another reason for the rise in gold prices. The holdings of the SPDI Gold Trust have been the highest for the first time in two months. On Monday, the holding of SPDR has increased by 0.44%. The SPDR is the world's largest gold fund.

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