New Delhi: and silver prices in India edged lower today, as elusive US stimulus package and a stronger US dollar put pressure on global rates. On MCX, December gold futures fell 0.3% to ₹50679 per 10 gram while silver futures plunged ₹61,749 per kg.
In recent weeks, gold has remained in a narrow range, after losing momentum since hitting record high of ₹56,200 per 10 gram in August. In the previous session, gold had inched up 0.2% while silver had declined 0.3%.
In global markets, gold rates fell today to an one-week low as the US stimulus package remained elusive and the dollar strengthened. But the losses were limited as US reported record coronavirus infections. Spot gold fell 0.1% to $1,899.41 per ounce, after hitting $1,890 earlier in the session. Among other precious metals, silver fell 0.5% to $24.45 per ounce, while platinum dipped 0.7% to $895.
Gold ETF investors continued to remain on the side-lines. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, fell 0.14% to 1,263.80 tonnes on Friday.
In India, however, gold premiums in India last week jumped to their highest in nearly three months last week, as jewellers continued to stock up as the festive season gathers pace.
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