New Delhi: Gold and silver prices fell sharply in Indian markets today, tracking softness in global rates. On MCX, December gold futures were down 0.9% at ₹50,130 per 10 gram while silver futures declined 0.88% to ₹60,605 per kg. In the previous session, gold prices had risen 0.4% on MCX while silver had jumped about 1.6%. Commodity exchange MCX was closed on Friday due to a public holiday.
Gold and silver prices in India have sharply corrected from their August highs of about ₹56,200 per 10 gram and about ₹80,000 per kg respectively in tandem with softness in global rates. In global markets, gold prices were little changed today as investors focused on Donald Trump’s health. Gold prices were steady around the $1,900 level while US gold futures were down 0.1% at $1,906.30.
Asian stocks were mostly higher, along with U.S. futures, as traders reacted to the possibility President Donald Trump may be able to leave hospital as soon as today. Doctors on Sunday insisted that Trump, who tested covid positive last week, is doing well and could be discharged as soon as today. Gold prices were supported by a softer dollar that makes the precious metal cheaper for holders of other currencies.
The dollar index was down 0.12% against rivals. Among other precious metals, silver rose 0.8% to $23.89 per ounce, platinum eased 0.1% to $881.51 and palladium was little changed at $2,307.64,ETF investors continued to remain on the sidelines, awaiting the price direction of gold. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.05% to 1,275.60 tonnes on Friday.
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