Gold prices fall today after sharp fall, silver prices fall

In the global markets, gold rates were strong today with a fall of 1% in the previous session. Concerns over the fate of China’s Evergrande aided the bullion’s safe-haven position, though a strong US dollar limited gains. Spot gold rose 0.5% to $1,750.90 an ounce. Gold fell to a one-month low on Thursday after the Fed indicated this week that it may announce a tapering off soon.

“The $1750 barrier has been significant in the past, and I believe we will have a “lower low” if we break below it. If we break there, I believe That the market will look at the $1680 level, which has traditionally provided a lot of support, said Kshitij Purohit of CapitalVia, and I believe we will need to look for a break down below on the daily chart to really see At that point, the market then turns its attention to the $1500 level. Investment Advisor.

MCX is seen on support for gold ₹45800 – 45500, while the resistance ₹46470 – 46700.

Higher interest rates increase the opportunity cost of holding bullion, which pays no interest. Gold also competes with the dollar as a safe store of value during times of financial or political uncertainties.

Meanwhile, China Evergrande Group’s debt crisis put traders on edge,

Among other precious metals, silver rose 0.3% to $22.54. Gold traders will watch Federal Reserve Chairman Powell’s opening remarks at a virtual Fed event later today.

Domestic brokerage Geojitin said in a note that sentiment in global markets was mixed with some caution, awaiting a statement from Fed Chairman Jerome Powell. Meanwhile, China’s Evergrande has left global investors speculating whether it will make a major interest payment, adding to fears that Beijing will let foreign bondholders swallow big losses as the world’s most indebted asset company. The liquidity crisis deepens. (with agency input)