Gold prices today down ₹7000 for second time in 3 days, from record highs: Check here today rate

New Delhi: Gold and silver prices in India continued their volatile ride of this year amid mixed global cues. On MCX, February gold futures edged 0.03% lower to ₹49,328 per 10 gram while silver futures declined 0.22% to ₹65,414 per kg.

In the previous session, gold prices had risen 0.7% after a massive fall on Friday. In international markets, gold rates today edged higher but a stronger US dollar capped gain. Spot gold rose 0.2% at $1,847.96 per ounce while silver gained 0.8% to $25.11 an ounce.

Among other precious metals, platinum rose 2.3% to $1,055 while palladium climbed 0.3% to $2,378. “MCX gold is required to break ₹47600 to trigger major liquidation pressure.

A close above ₹52,000 is a signal of fresh upturn,” Geojit added. Amid the jump in US bond yields, all eyes are now on comments from Fed Chair Jerome Powell, who takes part in a webinar on Thursday. The Fed last month signaled that signaled that it would maintain its dovish stance until “substantial further progress” toward its goals for employment and inflation.

Gold prices had surged 25% in 2020 on the back of massive stimulus, and rising safe-haven demand. In August, gold had hit a record high of ₹56,200. Meanwhile, on Monday, Congressional Democrats formally began the process of impeaching US President Donald Trump, accusing him of “incitement of insurrection” over his supporters’ deadly storming of the US Capitol.

The latest sovereign gold bond issue is currently open for subscription. The issue has been priced at ₹5,104 per unit while those who invest online will get a discount of ₹50 per unit.