US President-elect Joe Biden acted swiftly to make cabinet decisions after defeating President Donald Trump, who gave the green light for Biden to begin receiving daily intelligence reports, a sign that he has almost accepted the outcome. .
Gold futures on MCX were down 0.17 percent or Rs 81 at Rs 48,504 per 10 grams. Silver futures fell 0.22% or 131 rupees to 59,490 rupees per kg.
On the spot market, gold prices fell 1,049 rupees to 48,569 rupees per 10 grams in the national capital on Tuesday following weak global signals and appreciation of the rupee, according to HDFC Securities. Silver also faced selling pressure as it fell from Rs 1,588 to Rs 59,301 per kg.
Globally, gold prices rose on Wednesday helped by a weaker dollar, although a strong appetite for riskier assets kept the safe-haven metal near a more than four-month low in the previous session.
Spot gold was up 0.1 percent to $ 1,809.41 an ounce at 0124 GMT. Prices hit $ 1,800.01 on Tuesday, their lowest level since July 17. Gold futures in the United States rose 0.2 percent to $ 1,807.60.
The dollar index was down 0.1 percent against a basket of currencies, making bullion cheaper for other currency holders.
China’s net gold imports through Hong Kong plunged 84 percent in October from September’s six-month peak, marking its steepest month-over-month decline since June, data from the Department of Statistics and Census showed. from Hong Kong on Tuesday.
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 1.1 percent to 1,199.74 tonnes on Tuesday from 1,213.17 tonnes on Monday.
Silver was up 0.2 percent at $ 23.29 an ounce. Platinum fell 0.2% to $ 959.64, while palladium was down 0.3% to $ 2,340.61.
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