New Delhi: Gold and silver prices continued to drift lower in Indian markets for third day in a row amid a strong risk-on rally in global markets.
On MCX, gold futures fell 0.21% to ₹48,485 per 10 gram while silver futures declined to ₹59,460 per kg. Gold and silver prices in India had fallen sharply over the previous two days. In the previous session, gold futures had slumped ₹900, extending Tuesday’s ₹750 fall.
Silver had slumped ₹800 per kg in the previous session after Tuesday’s ₹1,600 fall. In global markets, gold rates were muted, supported by a weaker dollar but a strong appetite for riskier assets kept bullion rates near a more than four-month low.
Spot gold rose 0.1% to $1,809.41 per ounce after hitting $1,800.01 in the previous day, its lowest level since July 17. The dollar index eased 0.14% against a basket of currencies, making bullion cheaper to other currency holders.
Among other precious metals, silver rose 0.2% to $23.29 per ounce while platinum fell 0.2% to $959.64. Gold prices have slipped as positive news on covid-19 vaccine and easing US political uncertainty made investors to look for riskier assets, Geojit Financial Services said in note.
Gold ETF investors continued to remain on the sidelines. Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, fell 1.1% to 1,199.74 tonnes on Tuesday from 1,213.17 tonnes on Monday.
Gold traders will be awaiting the minutes of US Federal Reserve’s rate-setting committee’s last meeting due later today.
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