Trump has announced the imposition of heavy trade tariffs on China. Which is likely to put greater economic pressure on the country as it grapples with persistent deflation and a prolonged property market downturn.
As soon as Trump won the US elections, pressure was seen in the international bullion futures market due to the rise in the dollar and treasury yields, due to which a sharp fall in the prices of gold and silver was recorded. On Comex, gold futures were seen trading down by $15 at $2722 an ounce and silver futures were seen trading down by 28 cents at $32.27 an ounce.
Due to this, huge fluctuations have been seen in the Indian markets. In Indore, gold fell by Rs 300 to Rs 80300 per ten grams and silver fell by Rs 900 to Rs 95000 per kg.
On Wednesday, at one time gold had touched Rs 79900 per ten grams and silver had touched Rs 93000.
This week’s focus was also on the Federal Reserve meeting, where the central bank is widely expected to cut interest rates by 25 basis points.
The focus this week is also on the meeting of China’s National People’s Congress, which is expected to give more signals about Beijing’s plans for fiscal stimulus.
Gold futures on Comex were seen trading at $ 2749 per ounce after going up to $ 2722 and then at $ 2701 per ounce and after going up to $ 32.27, silver was seen trading at $ 32.72 and then at $ 31.45 per ounce.
Closing prices of Indore – In Indore, gold Cadbury Rava was quoted in cash at Rs 80300 (RTGS) 80200 Gold (91.60 carat) (RTGS) Rs 73200 per ten grams. On Tuesday, gold had closed at Rs 80600. Silver Chaurasa was sold in cash at Rs 95000, Silver Chaurasa (RTGS) at Rs 94800, Silver Punch was sold at Rs 95000 per kg and Silver Coin was sold at Rs 1080 per piece. On Tuesday, Silver Chaurasa Cash closed at Rs 95900.
