New Delhi: Gold today extended fall in Indian markets amid rising US bond yields. On MCX, gold futures fell 0.4% to 10-month low of ₹44,768 per 10 gram while silver slid 0.8% to ₹67,473 per kg.
In the previous session, gold had dipped 1.2% or ₹600 per 10 gram while silver had slumped 1.6% or ₹1150 per kg. In global markets, gold prices were flat today at $1,711 an ounce after hitting a nine-month low in the previous session. Higher US Treasury yields continued to weigh on the precious metal.
Gold traders will look for clues on the outlook of the US central bank’s monetary policy when Fed Chair Jerome Powell’s speaks at a virtual summit later in the day. The progress on US stimulus package will also be on their radar. The US Senate has delayed the start of debate on a $1.9 trillion COVID-19 relief bill.
Among other precious metals, silver rose 0.4% to $26.18 an ounce, while palladium eased 0.3% at $2,347.52. Platinum shed 0.5% to $1,161.50.