Precious Metals Decline, Silver Prices Down 5% Overnight While Gold Prices Fall 2.5% | CNBC TV18
but let’s go across to Manisha Gupta now
she’ll tell us about uh the commodity
space and what she’s watching over there
Manisha over to you thank you for that
Sonia well I’m looking at profit taking
across sectors when it comes to
Commodities and well yes why not because
we’ve seen most of these Commodities go
dangerously overbought and now there’s
some healthy profit taking coming in I
want to take a look at the precious
metal prices where we have seen gold and
silver both decline quite strongly in
the overnight markets there if you look
at the gold prices we saw a decline of 2
and 1 half% and the silver prices fell
5% as well so this is the biggest one
day drop that we’ve seen in three years
come especially in case of gold so it
has retreated from its all-time highs in
sense of numbers when you look at it the
silver prices did touch a three-year
Highs at around $
28.9 an ounce it’s come down to
$26.99 an ounce in the international
markets there and a sharp fall is what
we are looking at in the Indian markets
as well for the gold prices it has been
more than $100 of a decline so from a
high of 2420 we’re trading below 2300
right now so a sharp cut coming in there
as well well some of the reasons that
you’ve seen this profit taking coming is
uh one investors are taking profits and
the portfolio managers also
repositioning themselves with the kind
of value increase in their portfolios
because of gold is what they saw the
second Point really is about the dollar
Index and the US eels which have jumped
quite strongly at 106 it’s a f Monon
highs for the dollar Index with
expectations that you could looking at
you could be looking at higher highs
because the US data has been on the
stronger side and then it has been about
the US fed officials also suggesting
that the restrictive policies could be
prolonged and the First Rate could could
actually come in by the month of
September the street is also looking at
the Middle East tensions which have kind
of de-escalated we’ve seen Israel um uh
restrained response to what Iran did and
the kind of conversations and statements
that came in from Israel and Iran also
have taken some geopolitical premium
premium off the prices there well there
are concerns over vital Middle East
conflict even now and is the reason you
could see some support coming in at
these levels but uh the markets also
have reacted to the two CME margin hikes
that we saw in case of gold and silver
and then trading curb that Shanghai also
put across after that one-way rally that
we saw in case of gold and silver but
interestingly there is a report from
city which suggests that a minor
pullback in gold and silver is what you
can see by the time second quarter ends
but for the second half of this year
they still have a directional highs
expecting in case of gold at around
$2,500 an ounce and for silver they’re
anticipating $3 to $32 an ounce on the
higher side so the direction hasn’t
changed this is just a profit taking all
right thanks a lot for that
[Music]
Precious metals decline after recent rally. Silver prices down 5% overnight, while Gold prices fall 2.5% to $2,300/oz. Manisha Gupta tells us what led to the decline on Commodity Corner today.
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