New Delhi: Gold and silver rates fell sharply in India have fallen sharply in tandem with a sharp selloff in global prices. On MCX, gold futures fell ₹960 or 2% on Friday to over one-month low of ₹46,651 per 10 gram while silver slumped 3% or ₹2,000 to ₹ ₹64,975 per kg.
In global markets, gold prices dipped over 2% to $1,765.30 an ounce as dollar strengthened and Treasury yields rose after a better-than-expected increase in US payrolls fueled expectations that the Federal Reserve is moving closer to a pullback of stimulus.
As prices eased in India, dealers charged a premium over official gold prices for the first time in a month as rates eased. According to report, premium of up to $1 an ounce over official domestic prices were charged this week as compared to last week’s $4 discounts. Gold rates in India include 10.75% import and 3% GST.
Among other precious metals, silver slipped 3.5% to $24.25 an ounce, while platinum dropped 2.6% to $978.77. Analysts however say that with still tremendous amount of support getting pumped into the global economy, gold’s downside could be limited.
In India, the latest tranche of Sovereign Gold Bond (SGB) Scheme 2021-22 will open for subscription on Monday. The RBI has fixed an issue price of ₹4,790 per gram and those applying online and making payment online get a discoun of ₹50 per gram.