Tue. Jan 31st, 2023

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Gold prices today fall for 4th day in a row, down ₹4300 from this month’s high

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Gold and silver prices today continued to drift lower in Indian markets. On MCX, October gold futures were down 0.3% to 51865 per 10 gram, extending losses to the fourth day. In four days, gold prices have tumbled around 1,700 per 10 gram. September silver futures on MCX fell nearly 1% to 66,426 per kg. In the previous session, gold had dropped 0.3% while September silver futures declined 1%. From August 7th highs of about 56,200, gold is down more than 4,300 per 10 gram.

In global markets, gold prices moved lower today amid a steady US dollar. Investors also waited Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole later this week for more clues on the direction of US monetary policy.

Spot gold was down 0.3% to $1,933.37 per ounce while US gold futures fell 0.4% to $1,910.10. The dollar index held steady at 93.207 against a basket of major currencies after climbing to a more than one-week high in the previous session. Among other precious metals, silver dropped 0.6% to $26.54 per ounce while platinum slipped 0.5% to $913.78.

Gold may continue to witness choppy trade unless there are fresh triggers but buying interest may emerge at lower levels.

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