Tue. Jan 31st, 2023

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Gold prices today fall for 4th time in 5 days

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Gold bullion

Gold and silver prices in India remained under pressure today after a brief respite in the previous session. On MCX, October gold futures were down 0.27% at ₹49,771 per 10 gram in its fourth decline in five days. Silver futures on MCX were down 0.5% to ₹59329 per kg. In the previous session, gold prices rose 0.64% or ₹300 while silver added 1.8% or ₹1060 per kg. Gold and silver prices have sharply fallen this week in India. For this week, gold is down about ₹2,000 per 10 gram while silver has slumped ₹9,000 per kg.

In global markets gold remained under pressure weighed down by a stronger dollar but the losses were capped amid renewed hopes of more US stimulus measures. Spot gold fell 0.2% to $1,864.47 per ounce, extending losses to more than 4% this week. Amid other precious metals, silver fell 1.1% to $22.95 per ounce, platinum was down 0.3%, to $846.72 and palladium was flat at $2,226.44.

The dollar index is up 1.5% this week, its best since early-April. A firmer dollar makes bullion more expensive for holders of other currencies.

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