Gold And Silver prices drop this past week

New York (June 18)  Gold and silver prices in this week fell by 2% and 4% respectively in hope of a slash in rate by the US Fed.

 In the period from 8 June to 16 June, the MCX gold prices went down by 2%. Prices dropped from Rs 29350 per 10 gms to 28750 per 10 gm on Friday, at around 4.30 pm.

 

 Silver prices on MCX futures fell from Rs 40451 per kg to around 38730/kg this week.

 

 Oil, on the other hand, has lost its value by more than 7 per cent (fall from Rs.3100 on 7th June to 2885/bbl at present.

 

 Increasing production in Nigeria and Libya, increasing rig count in the US, high global inventories and a stronger dollar are possible push factors for lower oil prices.

Source: HFL