The decision to withdraw the currency notes of Rs.2000 will now cause chaos in gold and silver.

- Boolean Bits - Dinesh Parekh

- Domestic prices in silver will now determine the direction of global prices

The meeting of the Fed in Vs Schwabazar has seen a two-class division among the members. How much the interest rate will fluctuate in the month of June is being discussed. At the FOMC meeting, some members said that there was no need to raise interest rates because US inflation was hiding. At that time, some participant-members said that there is no need to tighten monetary policy as the financial situation softens and a .25 point interest rate hike can be digested by the market. The position is focused on the US job data and the price situation, and in addition to the blows of bank failures, President Joe Biden is making new efforts to get the American economy out of the pit and into a strong state by finding some alternative to get rid of the debt and reduce the volume of debt. The dollar will remain strong amid interest rate volatility and gold prices will play between $1962 and $2025 an ounce. The price of gold has recorded the biggest decline since January 2023 when it was quoted at $1961 per ounce.

In the year 2022, the central banks of the world have set a new record by buying 1078 tons of gold. Some countries of the world - including Russia - are starting the process of de-dollarization and the possibility that the global central banks will buy 700 tons of gold in 2024 will not cause a recession in gold, and in the last 13 years, every central bank of the world has bought an average of 500 tons of gold.

In the last 14 months, the Fed has decided to raise interest rates by 500 basis points and the risk of a recession will raise the price of gold. The dollar index rose to 5.39 percent yield on Treasury bills and gold prices will not fall. Fluctuations in oil prices Ukraine-Russia war, new China-Russia agreements, as well as gold transactions and dollar payments to take people from Sudan out of the country, such as the illegal arrangement of trucks and lorries to 13 Sudanese paying individuals $13 to $27,000 to cross the country's borders People seem to be stuck. Gold prices will not allow to trade below $1950 per ounce and prices will bounce back to touch around $2025 per ounce.

Fluctuation of 100-105 cents per ounce in the world market of silver has been seen in this week. Silver traded between a low of 2,290 cents and a high of 2,391 cents an ounce, the biggest drop since January.

Lower silver prices led to increased long and short trades on New York's Comex market. It indicates that bullish silver will hold the direction of 2700-2800 cents per ounce in the coming days. JP in New York and London vaults. As Morgan's silver stock increases, there will be no silver shortage in the long run and silver is expected to remain stable.

The announcement that Rs.2000 notes will be scrapped after 4 months in the local gold market has left the jewelery market reeling. On the one hand, high prices, inflation and wedding season have arrived, but when the demand has slowed down, the traders expect that instead of jewelry, people will sell gold coins and bangles and exchange Rs.2000 notes.

Futures were quoted at Rs 59941 per ten grams in the local futures market on soft global gold news. With the news that Rs.2000 notes will no longer be legal tender after 4 months, a new business class is seen in the jewelry market. Three prices of gold are being quoted in the market and this sacrifice is the exchange of our Rs.2000 notes.

The gold futures price is quoted as Rs.60,000 per ten gram, the transaction of Rs.500 note - the issuing traders quote the price between gold at Rs.61,200 per ten gram - without the bill, while the transaction of Rs.2000 note - the traders against the issuing currency. By selling Rs.64200 per ten grams i.e. per kg of gold, working at a price of Rs.2 lakhs, there is an opportunity to earn a lot of profit in short trades. Then the gold in the bill works at a price of Rs.60,100 plus 3 percent GST. At the time of demonetisation, some bullion traders sold gold and jewelery at a price of Rs.55000 per kg, while the price quoted in the market was Rs.48000 per ten grams. Thus a new class will arise. Works of gold. With a grace period of 4/4 months, such opportunistic traders will earn a fortune by selling gold ornaments and bracelets against Rs.2000 notes. Some reputable bullion dealers say that we refuse to deal in Rs 2000 notes to protect our reputation and legalize the gold trade and are not willing to do anything that would lead to a government probe.