Rudra Investment expert says Commodity Tips China's gold and silver glow in the face of one step. On Monday, the commodity exchange MCX rose by Rs 194, or 0.61 percent, to Rs 31,449 per ten gram, with a contraction of Rs. Similarly, the silver contract for silver in MCX was Rs 394, or 1 percent, against Rs 38,880 per kilogram.
Gold price in the global market is about $ 1,195. In the domestic market, the discount in gold has gone up to 3.5 months at the upper level. Silver has also seen a sharp decline during this period. Its price on the Comex has dropped by nearly 1 percent to $ 14.5.
Why gold and silver prices fall?
Rudra Investment expert says Commodity Tips China's central bank has made a big difference in domestic monetary policy to support its economy. The People's Bank of China has made huge cuts in the cash reserve ratio of banks.
Actually, China has taken this step to track down its economy and to keep pace with the trade war with America. This will allow the companies there to get cheap loans easily. With the reduction of cash reserve ratio, China's financial institutions will be able to provide more loans. China's market is open after a 1 week holiday.
According to experts, the dollar has risen strongly in the rupee against other major currencies in the world.
According to the non-form payrolls released on Friday, the pace of jobs in the US in September was slow. However, the unemployment rate has come down to at least 3.7 percent of the 49-year-old. Meanwhile, the holding of the world's largest gold fund SPDR has dropped 0.20 percent to 730.17 tonnes.
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