New Delhi: Gold and silver prices in India edged lower in tandem with a fall in global rates. On MCX, December gold futures slipped 0.14% to ₹50426 per 10 gram while silver edged 0.06% lower to ₹60100 per kg. Both the precious metals had slumped in the previous session.
In the previous session, gold prices on MCX had declined 0.9% or ₹450 per 10 gram while silver had crashed ₹2080 or 3.3% per kg. In global markets, gold prices were flat today after a big fall in the previous session. Spot gold was little changed at $1,877.83 per ounce, after falling as much as 2% in the previous session.
Among other precious metals, silver rose 0.1% to $23.43 per ounce, while platinum dipped 0.1% to $866.96.The US dollar index was higher against a basket of six major currencies, as fears of the economic impact from a fresh wave of the novel coronavirus in Europe kept the dollar firm. Precious metals have slipped lower on firm dollar and uncertainty over the progress in US fiscal package talks, Geojit Financial said in a note.
Gold prices had already been under pressure as US lawmakers have failed so far to pass a new stimulus. France’s President Emmanuel Macron’s decision to shut down the country for a month hit the sentiment in financial markets while Germany said it would impose drastic new curbs as experts warned hospitals would soon be overwhelmed.
The moves followed weeks of exponentially rising new infections across Europe that have forced governments across the continent to put containment measures in place.
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 0.67% to 1,258.25 tonnes on Wednesday.
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