New Delhi: Gold and silver prices in India struggled for direction today. On MCX, gold futures edged 0.07% higher to ₹50,635 per 10 gram while silver rates dropped 0.2% to ₹62,615 per kg. In the previous session, gold prices had risen 0.76% or ₹380 per 10 gram while silver had edged 0.28% higher.
In India, analysts expect a rise in sales this week on the occasion of Dhanteras and Diwali. Besides gold prices have significantly corrected from its August levels of of ₹56,000 when it hit a record high. “The footfalls are better and people are interested.
“This year, Dhanteras is overlapping on two days, we are expecting maximum traction on November 13 across the country. We expect the pent-up demand to translate into sales,” he said. In global markets, gold prices were steady today as global vaccine rally in equities fizzled out.
As covid cases continued to rise across the world, fears of fresh restrictions that could impact economic activity hurt risk sentiment despite optimism from the developments in a potential vaccine. Spot gold was steady at $1,876.92 per ounce but it remained down 3.8% for the week – its worst weekly performance since late-September.
Apart from the global rally in equities after Pfizer reported results of its covid vaccine trial, a stronger US dollar also hurt gold prices this week. The dollar index remained steady today but was on track for a 0.7% weekly gain. Among other precious metals, silver today rose 0.1% to $24.26 per ounce while platinum was steady at $879.26.
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