new Delhi : Home Commodity Market MCX has been soft on gold and silver on Wednesday. Gold prices fell for the second consecutive day, but last week, the gold price on MCX went up to the highest level of Rs 35,409 per 10 grams. Compared to some major currencies in the world, the dollar is firmly seen weakness in the precious metals in the international market.
Trading trends in gold and silver are not weak
However, Ajay Kedia, director of the Kedia Commodity said that the traders are currently awaiting the upcoming federal federal budget decision, but the business trend in gold and silver in the domestic market is not weak. Earlier, on MCX, 10.35 pm, gold futures contract was trading at Rs 34,956 per 10 grams with a weakness of Rs 65, compared to the previous session, before it opened at Rs 35,049. Kedia said that the gold on MCX could be within the scope of Rs 34,800-35,200 per 10 gram.
On the other hand, the September futures contract stood at Rs 41,417 per kg with a weakness of Rs 17. At the same time, gold for August contract at the international commodity futures was trading at $ 1,418.85 an ounce with weakness of $ 2.85, while during the previous trading, the gold price was between $ 1,422.85 and $ 1,316.75 per ounce.
Trading in the September futures contract, with a marginal 0.08 per cent weakness, was trading at $ 16.46 an ounce. Kedia said that the Federal Reserve could take a decision to cut interest rates in the meeting at the end of this month, so traders will be waiting for the Fed's decision.