Gold-silver has become the cheapest since March, with the dollar gaining ground

New delhi date. 27 September 2020, Sunday

Gold and silver prices have plummeted since last week amid an outbreak of the corona virus. This is considered to be the biggest decline since March. Uncertainty persists over the coming boom in the global economy.

Meanwhile, the dollar is also gaining ground. This is because the demand for gold has now declined. Economic recovery forecasts are weak due to the growing case of corona, especially in Europe.

Gold loads fell 4.6% last week. While silver has also fallen by 15%. Experts believe that the strengthening of the dollar has increased the pressure on gold. The dollar is expected to see the biggest rally in the last six months against other currencies next week.

Indeed, the rapid rise in the price of gold can help curb inflation. But the rise in consumer prices is now tweaking the price of gold. US Federal Reserve officials say central banks alone cannot fix the economy. The rise in Corona's numbers has raised fears of inflation. So its impact is now falling on the gold burden.

Platinum prices fell

The US Senate is now working on the next 2.5 trillion stimulus package. The bill could be passed next week. Apart from gold and silver, platinum prices have also declined sharply. Investors are now on alert, even in the run-up to the presidential election. Experts say economic uncertainty will persist due to the US presidential election and geopolitical tensions.

Prices fell in the domestic market

On the domestic front, gold futures fell by Rs 238 to Rs 49,666 per 10 grams on the multi-commodity exchange on Friday. Gold as well as silver declined. Silver also declined by about 1% to Rs 59,018 per kg. On a weekly basis, gold prices fell by about Rs 2,000 per 10 grams. While silver became cheaper by more than Rs 9,000 per kg.