Mon. Nov 28th, 2022

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Gold prices today drop for second day after hitting record highs

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Gold prices in India fell marginally today after hitting a record high in the previous session. On MCX, gold futures fell 0.12% to 48,074 per 10 gram, after declining 0.2% in the previous session. Gold rates had hit a record high of 48,589 per 10 gram in the previous session but could not sustain the gains. Silver rates today also edged lower. Silver futures on MCX dipped 0.14% to 47,721 per 10 gram, following a nearly 2% plunge in the previous session.

On the upside, MCX gold futures have resistance at 48,600/50,000 while support at 46,550, Geojit Financial Services said in a note.

In global markets, gold rates moved higher today on worries that rising coronavirus cases across the world could hurt the prospects of a swift global economic recovery. Spot gold rates were up 0.2% at $1,764.20 per ounce. In the previous session, they had hit a near eight-year high of $1,779.06. Among other precious metals, platinum gained 0.2% to $801.43 while silver rose 0.2% at $17.56.

The safe-haven status of gold is boosted during times of political and financial uncertainty. The precious metal is also viewed as a hedge against inflation and currency debasement. Supported by stimulus measures and interest rate cuts by central banks, gold has climbed more than 16% this year in global markets.

Investment demand for gold continues to go up. The holdings of SPDR Gold Trust holdings, the world’s biggest ETF, rose 0.65% to 1,176.85 tonnes on Wednesday.

Meanwhile, the International Monetary Fund projected a deeper recession and slower recovery for the virus-ravaged world economy than it anticipated two months ago. The fund said Wednesday it now expected global gross domestic product to shrink 4.9% this year, more than the 3% predicted in April. Rising concerns about the coronavirus pandemic accelerating sent global equities lower today.

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