New Delhi: Gold and silver prices were mixed today in Indian markets, tracking flat global rates. On MCX, gold futures dipped 0.1% to ₹48,846 per 10 gram while silver gained 0.5% to ₹65,760 per kg.
In the previous session, gold had finished 0.36% higher, after hitting the lowest level in over a month, while silver had advanced 1%. In global markets, gold rates today inched higher as traders awaited comments from Treasury Secretary nominee Janet Yellen on the dollar and stimulus.
Spot gold rose 0.1% to $1,838.51 per ounce after prices dipped to over one-month low in the previous session. US Treasury Secretary nominee Janet Yellen will testify today on Capitol Hill a day ahead of Joe Biden’s inauguration as president.
Last week, Biden had outlined a $1.9 trillion stimulus package proposal to jump-start the virus-stricken economy. Among other precious metals, silver fell 1.1% to $25.05 an ounce, platinum rose 1.3% to $1,092.65, while palladium shed 0.3% to $2,364.
After a stellar gain in 2020, gold rates have fallen more than 3% this year in global markets as US Treasury yields and the US dollar have inched higher on expectations that coronavirus vaccines and stimulus packages will aid the economic recovery. In August, gold had hit a record high of ₹56,200 in Indian markets.
The dollar index was slightly lower at 90.672 today after climbing over the past two weeks. “With just few days into the year 2021, volatility has set in financial markets as is evident from the mixed trade in asset classes.
Comments are closed.