Gold prices edged drop after big jump. On MCX, gold futures were down 0.19% to Rs 47,495 per 10 gram while silver futures dipped 0.2% to Rs 62,798 per kg. In the previous session, gold had jumped 0.9% while silver had risen nearly 2%.
In global markets, gold rates dipped today but held on above the key psychological level of $1,800 on expectations that the US Federal Reserve might delay cutting back its stimulus amid rising cases of the Delta coronavirus variant. Spot gold eased 0.2% to $1,801.78 per ounce while silver fell 0.5% to $23.54 per ounce. The dollar index inched higher to 93.043 after falling about 0.6% on Monday.
Data from IHS Markit showed U.S. business activity growth slowed for a third straight month in August as capacity constraints, supply shortages and the rapidly spreading Delta variant weakened the momentum of the rebound from last year’s pandemic-induced recession.
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