The gold market has fallen down in the world market. The situation has been created because the dollar position in the currency market is strong, Reuters said.
On Monday, the gold spot market was trading at $ 1,186.29 per ounce. Earlier, gold was trading at 1, 190, 60 dollars in ounce. In both cases, the price of gold decreased by 0.5 percent.
Earlier, the United States Federal Reserve announced a hike in interest rates last week. It is also said that interest rates can be increased by four more times in 2019. Basically, the dollar is becoming stronger in the currency market, experts say
Experts say that the dollar and gold are generally in retrograde conditions. If the dollar exchange rate increases, gold prices are down. Again, the exchange rate of the dollar decreased and the price of gold increased significantly.
The US government's efforts to reduce the trade deficit are playing a positive role in strengthening the dollar, analysts said. Due to this, gold prices are likely to fall further. Analysts believe that due to the closure of the annual festival in China, there has been a downward trend in the gold market.
In addition to gold in the world market this week, prices of some of the precious metal also declined. Palladium decreased by 7.7 percent. Rupee down 0.3 percent And the price of platinum has decreased by 2.1 percent.