On the Multi Commodity Exchange (MCX), gold futures began trading at Rs. 56780.00 per 10 grams, showing a slight decrease of 0.13%. On the other hand, silver futures opened at Rs. 66735.00 per kilogram, with a slight decrease of 0.44%.
Gold prices were lower on February 10th as technical selling was a prominent factor in the market. Despite this dip, gold remains one of the most valuable and sought-after precious metals, with a long history of being used as a store of wealth and a safe haven during economic uncertainty.
As of 2:05 pm GMT, spot silver experienced an increase of 0.58% and was trading at $22.10 per ounce. Platinum saw a rise of 0.92%, reaching a price of $963.11. On the other hand, Palladium saw a decline of 3.26% and was trading at $1,576.41.
The price of gold, represented by the XAU/USD currency pair, has been hovering near a one-month low due to a stronger US dollar. Despite this setback, gold remains one of the most valuable and sought-after precious metals in the world, with a long history as a store of wealth and a safe haven during economic uncertainty.
The value of the US dollar has a significant impact on the price of gold, as the two are inversely related. When the dollar is strong, the opportunity cost of holding gold increases, and demand for the metal decreases. On the other hand, when the dollar is weak, gold becomes more attractive as an investment, as it provides a hedge against inflation and currency fluctuations.
In addition to the strength of the US dollar, the state of the global economy is another major factor affecting the price of gold. Economic uncertainty, such as recession or high levels of government debt, can cause investors to seek the safety of gold, leading to higher demand and, as a result, higher prices.