Thu. Dec 1st, 2022

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Gold prices today fall after hitting record highs, silver rates drop

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Gold prices in India edged lower today in early trade after hitting a record high in the previous session. On MCX, gold futures fell marginally to 47,920 per 10 gram. In the previous session, gold prices had hit a record high of 48,289 per 10 gram before paring most of the gains. Silver rates edged lower today today with futures on MCX falling 0.4% to 48,311 per kg.

Gold prices continued to edge higher in global markets as surging coronavirus cases across the world has old bolstered the safe-haven appeal of gold. Globally, the number of coronavirus cases has crossed the 9 million mark with World Health Organization saying that infections are accelerating as countries reopen economies.

Gold is often used as a safe store of value during times of political and financial uncertainty. “Gold is traditionally used as a hedge against inflation and risk aversion is helping the rally. Expect gold to remain in focus till clarity emerges on a vaccine and new cases are under control,” says Nish Bhatt, Founder & CEO, Millwood Kane International – an investment consulting firm.

Spot gold was up 0.2% to $1,758.03 per ounce while US gold futures edged 0.2% higher to $1,770.10 per ounce. Among other precious metals, platinum dropped 0.6% to $817.40 while silver eased 0.2% to $17.79.

Capping gains were higher global equity markets as risk sentiment improved after US President Donald Trump tweeted that an initial trade agreement with China is still on.”

Indicative of the safe-haven appeal of gold, SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund or ETF said, said its holdings rose 0.6% to 1,166.04 tonnes on Monday from 1,159.31 tonnes on Friday.

 

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