Gold prices edged higher today after a five-day decline but the gains were muted. On MCX, gold futures rose 0.26% to ₹48,749 per 10 gram while silver prices surged 1.5% to ₹68,639 per kg following overnight gains in global markets.
In the previous session, gold had declined 0.5% while silver had surged 1.8%. In India, gold prices are down about 3% or ₹1,500 so far this year, tracking a similar drop in global rates. In international markets, gold prices were flat today but headed for a monthly decline.
Traders kept a watch on developments around US stimulus package. Spot gold was steady at $1,840.91 per ounce and was set for a nearly 3% decline for the month. Gold has been pressurized this month amid a stronger dollar and concerns that US stimulus package could be delayed.
Silver rates dropped 0.7% to $26.18 an ounce, after having surged 4.5% on Thursday, after some traders moved to cover short positions on rumours about a GameStop-style squeeze driven by retail investors. In August gold prices had hit a record high of ₹56,200 in India..
Comments are closed.