Commodities Live: Heavy selling in Commodity market, Gold, Silver, Crude and Base Metals slipped

There has been a heavy selling environment in the commodity market today. Gold, silver, crude and base metals slipped. On MCX, gold came under ₹ 51,000 and silver fell under ₹ 61,400. Gold in the global market below $1860, a fall of $25. MCX crude slipped below ₹8,350. Crude has declined by more than 2%. Brent $111 and WTI crude slipped below $108. Zinc prices fell more than 4%. The price of aluminum fell below ₹ 235 i.e. 2.5%. Worries about declining demand from China dominate prices. Today there was a sharp fall in the commodity market because the rupee is at a record low level. The jump in the dollar index is trading at a 20-year high. Safe investment in gold has reduced demand. Factory activity in China at a 2-year low as strict and widespread COVID-19 restrictions halted factory production and dampened domestic demand.