Gold prices today fall for 5th day in a row, down at one-year lows: check today rate

Gold prices fell for fifth day today while silver continued its downtrend in Indian markets, tracking softer global rates. On MCX, June gold futures fell 0.3% to near one-year low of ₹44,300 while silver declined 0.8% to ₹62,617 per kg.

In the previous session, gold had declined 0.5% while silver had tumbled 1.7%. In global markets, gold rates moved lower today after latest official data showed a pick-up in factory activity in China. Spot gold was down 0.1% to $1,683.56 per ounce, also pressured by a rise US Treasury yields added further pressure. Higher returns from bonds increase the opportunity cost of holding non-yielding gold. US bond yields had risen to a 15-month month high of 1.776% on Tuesday

Among other precious metals, silver was steady at $24.01, while platinum rose 0.5% to $1,160.05 and palladium was up 0.7% at $2,607.04.  Motilal Oswal Private Wealth Management remains positive on gold and in its investment strategy for FY22 has recommended that the precious metal be treated predominantly as a hedge against heightened volatility.