Gold and silver pressure in India fell today, pressured by a decline in global rates. On MCX, June gold futures were down 0.4% to near one-year lows of ₹44,538 per 10 gram, extending losses to the fourth day, while silver fell 0.3% to ₹63,985 per kg.
In the previous session, gold had tumbled 0.8% while silver had dropped 1% per kg. In global markets, gold edged lower, battered by a stronger US dollar and higher Treasury yields. Gold was down 0.4% to two-week lows of $1,704.90 an ounce. Analysts say that gold is likely to remain choppy in line with trend in US dollar and bond yields. Higher bond yields increase the opportunity cost of holding non-yielding gold.
In global markets, gold prices are heading for its first quarterly decline since 2018. A stronger-than-expected dollar and rising bond rates have also dragged bullion down from its record high in August last year.
Expectations of a faster global recovery has also hurt the safe-haven’s appeal of bullion. In August gold prices had hit a record high of ₹56,200 in India and so far this year the precious metal is down about ₹5,500 per 10 gram.