Gold prices fell on Thursday after a huge rise on Wednesday in futures trade market. Weak demand by jewelers at the spot market also reduced the price of this golden metal. The U.S. Dollar rose from two consecutive days reduced the demand of gold in global market. According to sources, SPDR fell for the 7th consecutive session with 0.4% decline on Tuesday itself. Silver prices are reduced due to weak demand by coin makers and industrial units. With the fluctuations occurring in the markets, Indian elections can add to it and also become a source of stress in commodity and equity market.
U.S. President Donald Trump, threatened to impose $11 billion worth of tariffs on European Union products, increased tension for the economy as previous deal with China is still not cleared. This will add more stress among people. The International Monetary Fund warned that growth could be slow due to trade tensions and British exit from European Union. Venezuela removed around eight tons of gold last week from central bank’s vault and is expecting to raise hard currency from US sanctions. Meanwhile, Gold is trading at Rs 32,100 per 10 grams on MCX and Silver is trading at Rs 37,526 per kilo on MCX (data recorded at 3:40pm IST). Gold is expected to dip towards Rs 32,000 while facing resistance to around Rs 32,300. Silver can dip towards Rs 37,500 in commodity market.