[ad_1]
Gold and silver prices in India today fell sharply, extending losses to the third day. On MCX, October gold futures have been down 1.2% to ₹49,764 per 10 gram whereas silver futures plunged 4% to ₹58,851 per kg. Precious steel prices have fallen sharply this week throughout the globe as buyers sought the security of US greenback. Gold prices fell about ₹100 within the earlier session, extending Monday’s ₹1,200 drop. Silver had additionally edged decrease on Tuesday, including to its Monday’s ₹6,000 loss.
As in comparison with final month’s highs of ₹56,200, gold is now down over ₹6,000 per 10 gram in India.
In international markets, gold prices today touched a six-week low, because the greenback strengthened with the coronavirus disaster rattling sentiment in Europe, whereas buyers grew cautious of additional stimulus from the U.S. Federal Reserve. Spot gold fell 1% to $1,880.46 per ounce.
Silver fell 4.8% to $23.25 per ounce, having hit a virtually two-month low of $23.04 earlier within the session.
The greenback index hit an eight-week peak, bolstered by upbeat U.S. dwelling gross sales information and issues a few second wave of coronavirus infections in Europe.
The greenback index hit an eight-week peak in opposition to different currencies. A firmer greenback makes gold costlier for holders of different currencies.
Gold is taken into account a safe-haven asset which advantages in time of financial and political uncertainty. But regardless of weaker danger sentiment, gold prices have trended decrease this week as buyers sought the security of US greenback and moved out of commodities and equities.
Analysts say that whereas US greenback is seen as the popular asset at current, gold might also profit from secure haven shopping for if international dangers proceed to accentuate.
“We expect buying to emerge at lower levels as concerns about US economy may limit upside in US dollar,” Kotak Securities mentioned in a be aware.
To management the unfold of coronavirus, the UK has imposed contemporary set of curbs to deal with a second wave of COVID-19.
Investors remained on the sidelines regardless of the latest value drop. ETF Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.05% to 1,278.23 tonnes on Tuesday. (With Agency Inputs)
[ad_2]
Source hyperlink