Gold and silver rates fell sharply in Indian markets today, following weak global indices. On MCX, gold futures fell 0.9% to ₹51306 for 10 grams as silver futures plunged 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 struggled to tread after peaking ₹56,200 and ₹79,723 last month. And in the last few days, they’ve traded within a very narrow range.
In global markets, gold prices fell today after posting a strong gain in the previous session. The US dollar recovered from a decline against the euro in the previous session. But worries about the global economic recovery kept gold losses capped. Spot gold fell 0.3% to $ 1,947.41 an ounce after hitting $ 1,965.94 in the previous session.
Among other precious metals, silver was down 0.3% to $ 26.84 an ounce, platinum was down 0.1% to $ 925.59 and palladium was down 0.4% to 2 $ 283.72.
A stronger US dollar makes gold more expensive for holders of other currencies. The European Central Bank on Thursday left its policy unchanged.
Gold also benefited from some recovery in investor buying. Gold holdings with SPDR rose 2.92 tonnes to 1,252.96 tonnes, the first increase since August 26. Tensions between the United States and China are also being supported by increased tensions between the United States and China, ”Kotak Securities said in a September 10 note. .
Gold could witness choppy trading as the stock markets and the US dollar struggle for a clear direction. We would expect, however, that buying interest will emerge at lower levels as the challenges Growths for the global economy could increase the attractiveness of gold while the accommodative stance of the Fed and concerns about the US economy could limit the rise of the US dollar, ”added the brokerage.
European Central Bank President Christine Lagarde has said that while the ECB monitors the exchange rate, it is not a monetary policy tool.
Gold Traders Wait Now Investors are now awaiting UK GDP data and US inflation figures due later today.