The price of gold fell sharply in India today in the middle of falling in the price of global commodities. In MCX, Gold Futures dropped 1.6% or ₹ 830 per 10 grams to ₹ 51,292 per 10 grams while silver slumped 2.7% to 56916 per kg. In the global market, gold today lost more than 2% to sink further below the important level of support of $ 1,800 per ounce.

The dollar reached the highest in about two decades of the basket of other major currencies, making Safe-haven metal less attractive to foreign buyers, because investors worry about the potential for recession. The US dollar index is traded sharply higher near 106 levels supported sharply by the purchase and weakness of Safe Haven in Euro because the energy price that surmer in Europe has caused serious concerns about economic health, the analysts said.

However, considering prices is an attitude of monetary tightening from Fed and other central banks and continuous ETF continued and the possibility of slowing Indian demand due to an increase in import duties, they added. The Indian government climbed sharply to import duty for gold to examine depreciation in the rupees that reached a low -level record of 79.37 against the US dollar.

Gold traders are now waiting for minutes from the Federal Reserve meeting on Wednesday for new instructions about the most likely increase in interest rates in the coming months. Among other precious metals, silver spots fell 3.4% to $ 19.27 per ounce and platinum dropped 2.3% to $ 865.48.

The dollar rose to the strongest level in more than two years, making commodities valued in a less attractive currency. The price of other commodities fell because the concern of the recession continued to hold the market.

Equity and oil plummeted today due to concern about the towering global recession. Bent’s global benchmark brent crude oil dropped $ 10.77, or 9.5%, at $ 102.73 per barrel.

Commodities can remain stable amid increasing nervousness about global economic growth and new concerns about China’s economic health. Also, carefully ahead of the release of the treatise of FOMC meetings and US labor reports because this weekend will consider global market sentiment, “said Securities Box in a note.

On Wall Street, S&P 500 and Dow falls on Tuesday, with an uneasy investor about the possibility of a recession when the central bank around the world takes aggressive action to stem inflation.