Gold prices in India skidded for fifth day in a row, tracking softer global rates. On MCX, April gold futures were down 0.27% to ₹46772 per 10 gram, falling close to its lowest levels since June, while silver futures rose marginally to ₹69,535 per kg.
The recent fall in global rates and import duty cut in Budget has pushed gold rates in India to near multi-month lows. In August gold had hit a record high of ₹56,200 per 10 gram. In global markets, gold prices fell near two-week lows amid a stronger US dollar and hardening of US bond yields.
Spot gold was down 0.2% to $1,791.36 per ounce. Silver shed 0.1% to $27.20. Benchmark 10-year US Treasury yields today rose to their highest level in a year, increasing the opportunity cost of non-yielding gold. The dollar index rebounded 90.660 from a three-week low.
Gold and silver mutual funds and ETFs witnessed the biggest outflows in three months in the week ended February 10 as investors put their money into soaring equities and high-yielding bond markets.