Gold Prices fall sharply; Silver Rate down by Rs 610 in India
In the previous session, gold prices on MCX had increased by 0.4 percent, while silver had jumped about 1.6 percent.
New Delhi: Today, due to the softening in the global market in Indian markets, a huge decline in the prices of gold and silver has been recorded. In this case, December gold futures on MCX were down by 0.9 percent at Rs 50,130 per 10 grams. Talking about silver, its futures fell by 0.88 per cent to Rs 60,605 per kg.
In the previous session, gold prices on MCX had increased by 0.4 percent, while silver had jumped about 1.6 percent. However, the commodity exchange MCX was closed on Friday due to Gandhi Jayanti.
Changes in Gold Prices:
Gold prices have changed slightly in the global market today. In such a situation, the attention of investors focused on the health of US President Donald Trump. Gold prices were steady around the $ 1,900 level, while US gold futures were down 0.1 percent at $ 1,906.30.
Dollar index was down 0.12 percent:
Asian stocks were mostly on the rise, as traders reacted to the possibility that President Donald Trump might be discharged from the hospital today. The information about which can be found soon.
The price of gold was supported by the weak dollar, which makes the precious metal cheaper for holders of other currencies. Thus, the dollar index was down 0.12 percent against the rivals. Among other precious metals, silver rose 0.8 percent to $ 23.89 an ounce, platinum was down 0.1 percent to $ 881.51 and palladium to 2,307.64.
With this, the holdings of the world's largest gold-backed exchange-trade fund, SPDR Gold Trust, fell 0.05 percent to 1,275.60 tonnes on Friday. Also, gold traders will monitor the announcements of top global central bankers.
In this series, Fed Chairman Jerome Powell and ECB Chief Economist Philip Lane will deliver a speech at the NABE conference on Tuesday. Minutes of the Fed's September 15-16 meeting will also be released on Wednesday.