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Gold, silver prices under pressure as US$ rises

Ahead of US Fed meeting and speculations about 25 bps rate hike, US dollar (USD) climbed to one week high putting gold, silver and other assets under pressure. Gold future contract for August 2023 expiry on Multi Commodity Exchange (MCX), opened lower at ₹59,241 per 10 gm levels and went on to hit intraday low of ₹59,055 levels within few minutes of commodity market's opening bell.

In the international market, gold price today bounced back from intraday low of $1,954 per ounce levels and hit intraday high of $1,963 levels during early morning trade in various Asian markets.

Market is speculating 25 bps US Fed rate hike in the US Fed meeting scheduled on Wednesday this week. Due to this buzz, US dollar has bounced back to one week highs from its 15-week lows. This has put gold, silver and other assets under pressure as investors are awaiting the outcome of US Fed meeting.

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