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Gold prices witnessed a notable decline and hit a one-month low on the back of strength in US dollar and rising treasury yields, which exerted pressure on the precious metals market.
In such economic conditions, investors flock to alternative assets such as gold and silver, as a hedge against currency fluctuations.
The downward trend was further underscored by silver prices plummeting by 2 percent overnight and a staggering 5.5 percent over the week.
Moreover, US Federal Reserve official Bowman hinted at the likelihood of additional rate hikes in an effort to curb inflation, which added to the market sentiment and influenced the recent price movements in safe haven assets.
Investors now eagerly await inflation data from the US to be released on August 10, which is expected to provide more insights into the economic landscape.
Moreover, rising uncertainties globally, weak economic data and geopolitical tensions have further contributed to the downward pressure on precious metal prices.
Latest Prices:
The latest Mumbai Gold Rate on August 8 is as follows:
The 24-carat 999 gold bar of 10 grams is trading at Rs 5,938. On the other hand, the 22-carat gold rate for a 10-gm piece of jewellery stands at Rs 5,677, while the rate for an 18-carat jewellery item is Rs 4,677. These prices have been sourced from Shree MumbaDevi Dagina Bazaar Association, and do not include a 3 per cent Goods and Services Tax (GST).
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