New Delhi: Gold and silver prices today edged lower in Indian markets, tracking flat global rates. February gold futures on MCX fell 0.25% to ₹50,775 per 10 gram, in its second decline in three days.
In the previous session, gold had jumped 0.85% after crashing nearly ₹1,200 per 10 gram on Tuesday. As compared to August highs of ₹56,200, gold rates are down about ₹6,000 per 10 gram. In global markets, gold rates moved slightly lower today amid a stronger US dollar and higher yields.
But hopes for additional US fiscal stimulus under incoming President Joe Biden administration capped the losses. Spot gold eased 0.1% to $1,911.32 per ounce but the precious metal is still on track for a weekly gain of 0.7%.
ETF investors remained on the side-lines. Holdings of the world’s largest gold-backed exchange-traded fund or ETF, SPDR Gold Trust, fell 0.4% to 1,182.11 tonnes on Thursday.
Among other precious metals, silver fell 0.2% to $27.05 an ounce while platinum climbed 0.4% to $1,121.46, while palladium gained 0.2% to $2,424.45. Gold traders now await US non-farm payrolls data due later in the day to gauge the jobs market’s health.
Gold may witness choppy trade as market players counter stimulus measures against optimism about vaccine rollouts, Kotak said.
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