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Gold and silver prices edged decrease in Indian markets today. On MCX, gold futures slipped 0.4% to ₹51,140 per 10 gram – fourth fall in five days. Silver futures on MCX declined 0.75% to ₹67,982 per kg. In the earlier session, gold futures had risen 0.6% whereas silver had gained 0.55%. Gold prices have been risky since hitting document highs of ₹56,200 final month. From that ranges, gold is now down about ₹5,000. Silver too has seen a pointy correction after coming near ₹80,000 per kg degree final month.
MCX, India’s largest commodity derivatives alternate, has mentioned that it witnessed an all-time document supply in silver contracts through the alternate platform. A complete of 139.965 tons of silver, valued at ₹937 crore, has been delivered in MCX silver contracts expiring in August/September, the alternate mentioned.
In international markets, gold rates have been flat today as a stronger US greenback offset the increase in safe-haven attraction from weak international equities. Spot gold was little modified at $1,929.30 per ounce, after it fell to close a two-week low of $1,906.24 in the earlier session.
Among different valuable metals, silver fell 0.2% to $26.66 per ounce whereas platinum was regular at $901.29..
The US greenback rose to a close to one-month excessive in opposition to a basket of different six currencies because the pound dropped to a six-week low on renewed worries about Brexit. The US greenback was additionally boosted amid waning danger urge for food. A stronger buck makes gold costlier for holders of different currencies.
On the opposite hand, in a single day the Wall Street sank for the third consecutive day.
“Weighing on gold price is gains in US dollar index, slack ETF activity and weaker consumer demand. British Pound has come under pressure amid fresh rise in virus cases and increasing uncertainty about post Brexit terms negotiations,” Kotak Securities mentioned in a be aware.
“Global virus cases continue to rise with India reaching the second position in the tally and fresh cases being reported in parts of Europe. Tensions between US-China rose further as President Donald Trump said he intends to curb the US economic relationship with China. Also supporting gold is Fed’s dovish stance and mixed economic data which has kept bond yields low,” the brokerage mentioned.
“We expect buying interest in gold to emerge at lower levels as increasing challenges to global economy may improve its safe haven appeal,” it added.
Gold buyers are awaiting financial coverage technique from European Central Bank coverage assembly, due on Thursday. The US Federal Reserve’s subsequent assembly is scheduled for subsequent week. (With Agency Inputs)
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