Gold prices down ₹11,500 today, from near 10-month lows: Check today rate

Gold prices struggled in Indian markets today while silver rates surged. On MCX, gold futures were flat at near 10-month lows of ₹44731 per 10 gram while silver futures rose 1.3% to ₹66,465 per kg.

Gold prices have fallen sharply this year, hurt by optimism over a robust economic recovery and faster than anticipated rises in bond yields. Gold prices in India are down over ₹5,000 from the start of this year and as compared to August highs of ₹56,200, the precious metal is off about ₹11,500.

In global markets, gold rates today rose 0.5% to $1,708.51 an ounce after hitting a nine-month low in the previous session. The passage of the US stimulus package bill in Senate boosted the precious metal’s appeal as a hedge against inflation. But a stronger US dollar and rising bond yields capped gold’s rise.

ETF interest however remained weak. Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust fell to a 10-month low on Friday.