Gold and silver prices fell sharply in Indian markets today after a run-up over the past few sessions. On MCX, gold futures fell 0.55% to Rs 47,360 per 10 gram after rising for four days while silver futures declined 0.7% to Rs 63,051 per kg.
MCX gold October may fall to Rs. 47,400 per 10 gram whereas September silver may slide to ₹63,100 per kg,” says Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers.
In global markets, gold rates fell today as the US dollar inched higher. Investors also remained cautious ahead of Fed’s annual economic symposium at Jackson Hole and traders will be keenly watching whether chairperson Jerome Powell gives a timeline on the stimulus withdrawal.
Spot gold fell 0.4% to $1,796.03 per ounce while among precious metals silver eased 0.4% to $23.73 per ounce while platinum fell 0.5% to $1,005.97. The dollar index inched 0.16% higher to 93.052, dampening gold’s appeal for those holding other currencies.
Also weighing on price is weaker investor interest as is evident from ETF outflows. ETFs continue do suffer outflows. The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.2% to 1,004.63 tonnes on Tuesday from 1,006.66 tonnes on Monday.
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