New Delhi: Gold prices in India struggled today after the recent sharp fall. On MCX, gold futures were up 0.15% to Rs 46,449 per 10 gram while silver futures were 0.3% higher at Rs 62,047 per kg. Gold rates in India have fallen about Rs 2,000 per 10 gram in about a month, tracking global weakness.
After hitting a record high of Rs 56,200 last year, gold has struggled this year. Gold was flat and headed for a second consecutive weekly decline in global markets. Spot gold was unchanged at $1,752.78 per ounce. It is down 0.5% so far for the week. Weighing on gold, the dollar was steady near a four-month high against a basket of currencies. Also Read: Covid Third Wave Fear: Karnataka Likely to Impose Partial Lockdown from August 16
Among other precious metals, silver rose 0.2% to $23.19 per ounce while platinum fell 0.2% to $1,015.90. This week in India, gold dropped to a four-month low of Rs 45,800 per 10 gram amid a global selloff after a report showed the U.S. labour market recovering faster than expected. Gold is seen as a hedge against inflation, but a Fed rate hike will increase the opportunity cost of holding non-yielding bullion while boosting the dollar.