Extending the losses from the previous sessions, gold prices fell nearly Rs 2,000 per 10 grams on Sunday. Gold and silver prices fell sharply in Indian markets, amid a slump in global rates as higher US bond yields and a rebound in US dollar weighed on the precious metal.
On MCX, February gold futures slumped ₹2050 to ₹48,818 per 10 gram on Friday while silver futures tanked ₹6,100 or 8.8% to ₹63,850 per kg. “Gold prices fell sharply in Indian markets on Friday amid selloff in global gold price because of the rise in the dollar index.
With the new government almost confirmed in US and hopes of large stimulus measures, a jump in US Treasury yields a climb in the equities weighed on gold prices, the dollar has also rebounded and investors are running to book profits.
The short-term range is ₹ 52000 to ₹ 48500,” said Kshitij Purohit, Lead Commodities & Currency at CapitalVia Global Research Limited- Investment Advisor. In global markets, spot gold dropped 3.4% to settle at $1,849.01 an ounce, its first weekly decline in six weeks. Silver slid 6.3% to $25.4234 an ounce after falling as much as 9.8%.
Gold today slumped ₹2050 to ₹46,310 per 10 gram (22 Carat) and ₹51,180 for (24 Carat). The US 10-year yield touched a peak above 1.12% with rates supported by President-elect Joe Biden’s call for trillions of dollars in immediate further economic support. The US dollar index jumped 0.26% to 90.023 against a basket of currencies.
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