Gold and silver rates fell sharply in Indian markets today following weak global signals. On MCX, gold futures fell 0.9% to ₹51,306 per 10 grams, while silver futures fell 1.5% to ₹67970 per kg. In the previous session, gold had risen 0.7% while silver had gained 0.52%. Gold and silver prices in India have struggled to get their bearings after hitting highs of ₹56,200 and ₹79,723 last month. And in the last few days they have traded in a very tight range.
In global markets, gold prices fell today after posting a strong gain in the previous session. The US dollar recovered from a slide against the euro in the previous session. But concerns about the global economic recovery kept gold losses limited. Spot gold fell 0.3% to $ 1,947.41 an ounce after rising to $ 1,965.94 in the previous session.
Among other precious metals, silver fell 0.3% to $ 26.84 an ounce, platinum fell 0.1% to $ 925.59 and palladium lost 0.4% to $ 2,283.72.
A stronger US dollar makes gold more expensive for holders of other currencies. On Thursday, the European Central Bank left the policy unchanged.
“Gold also benefited from a rebound in investor purchases. Gold holdings with SPDR increased by 2.92 tonnes to 1,252.96 tonnes, the first increase since August 26. Also supporting the price of gold are tensions between the United States and China, “Kotak Securities said in a Sept. 10 note. .
“Gold may witness choppy trade as equity markets and the US dollar fight for a clear direction. However, we expect buying interest to emerge to lower levels as growing challenges to the global economy they may increase the attractiveness of gold as a safe haven, while the Fed’s dovish stance and concerns about the US economy may limit the rise in US dollars, “the brokerage added.
European Central Bank President Christine Lagarde said that while the ECB is watching the exchange rate, it is not a monetary policy tool.
Gold traders are now waiting. Investors are now waiting for UK GDP data and US inflation figures.
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