New Delhi: Gold and silver prices in Indian markets continued to struggle as the precious metals slipped in global markets. On MCX, December gold futures were down 0.2% to ₹50,860 per 10 gram while silver rates fell 0.5% to ₹61,978 per kg.
In the previous session, on MCX, gold futures had ended flat while silver edged up 0.6%. MCX gold prices are in a consolidation range with lack of directive trades and a rise above ₹51,200 could boost prices higher, Geojit Financial Services said in note.
“If MCX silver holds the downside obstacle of ₹61,000, it could rise higher to ₹62,900 initially then to ₹63,400 region. But fall below ₹61,000 may squeeze down prices lower,” the brokerage added. In global markets, gold prices were marginally lower today amid ebbing hopes of US stimulus before the elections. A stronger US dollar also weighed on gold.
Spot gold fell 0.1% to $1,905.51 per ounce while the dollar index was up 0.22% against rivals, making bullion expensive for those holding other currencies. Among other precious metals, silver fell 1% to $24.30 per ounce while platinum was down 0.1% at $878.15.
ETF flows remained volatile as investors remained cautious ahead of the US elections. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, rose 0.23% to 1,266.72 tonnes on Tuesday.
After hitting a record high of ₹56,200 in August, gold prices in India have lost momentum, tracking a global trend. Gold prices in India include 12.5% import duty and 3% GST.
Gold investors are also keeping an eye on EU-UK trade talks. Brexit negotiating teams have started intense daily talks, and these are likely to continue as both sides push to finalize a deal by the middle of November.
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