Mon. Nov 28th, 2022

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Gold prices today edge lower, down ₹2,000 per 10 gram from last month’s highs

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Gold and silver prices today edged lower in Indian markets after sharp gains in the previous session. On MCX, August gold futures fell 0.06% to 46,072 per 10 gram, following a 400 rally in the previous session. Silver futures on MCX declined 0.12% to 48,127 per kg after surging about 900 in the previous session. Gold prices in India have fallen about 2,000 per 10 gram from last month’s record high of about 48,000 as improved global risk sentiment took some shine off the safe-haven appeal of gold.

In global markets, gold prices rose today, lifted by a weak US dollar and worries about a continuous rise in coronavirus cases globally. Spot gold was up 0.4% at $1,700.78 per ounce. The US dollar was near near a three-month low against a basket of other currencies, making gold cheaper for holders of other currencies. Among other precious metals, silver declined 1.1% to $17.66, while platinum ticked up 0.1% to $833.10.

Gold traders are looking ahead to the outcome of US Fed’s two-day policy meeting that ends tomorrow. Gold tends to gain when interest rates are low, which reduces the opportunity cost of holding non-yielding bullion. Gold is also seen as a hedge against inflation.

Indicative of the improved global risk sentiment, holdings of world’s largest gold-backed exchange-traded fund or ETF, SPDR Gold Trust, dipped for the third day in a row. Its holdings fell 0.2% to 1,125.48 tonnes on Monday.

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