New Delhi:Gold and silver prices in India edged lower today, tracking muted global rates. On MCX, December gold futures fell for the second day as prices slipped 0.22% to ₹50437 per 10 gram while silver futures fell 0.7% to ₹61,250 per kg.
In the previous session, gold had settled 0.3% lower while silver had edged up 0.2%. In India, gold prices have lost momentum since hitting a record high of ₹56,200 in August, following the same trajectory as that of global rates.
In global markets, gold rates were steady today, holding up above the key psychological level of $1,900 per ounce amid hopes that US lawmakers could agree on a stimulus package before the Election Day.
Spot gold was little changed at $1,900.21 per ounce while silver rose 0.1% to $24.20 per ounce. Gold prices have rallied 25% so far this year, supported by unprecedented stimulus from central banks and governments and concerns over global economic recovery.
ETF investors continued to remain on the side-lines, awaiting direction of the gold price. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.27% to 1,272.56 tonnes on Friday.
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