Tue. Jan 31st, 2023

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Gold prices today fall for sixth time in 7 days, silver rates plunge

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Gold and silver prices edged lower in Indian markets today after posting strong gains in the previous session. On MCX, October gold futures were down 0.22% to 51,665 per 10 gram. Silver futures fell 1% to 66,821 per kg. In the previous session, gold had rebounded, snapping a five-day losing streak. Gold futures had surged 900 per 10 gram while silver had jumped 3,500 per kg.

In global markets, gold prices were steady after posting strong gains in the previous session. Spot gold was steady at $1,952.11 per ounce, supported by a weaker US dollar. Among other precious metals, silver dropped 0.8% to $27.30 per ounce, platinum rose 0.6% to $934.29.

The dollar index fell 0.2% to a near one-week low against its rivals, making gold less expensive for holders of other currencies. Gold traders are awaiting a speech from Federal Reserve Chairman Jerome Powell due later in the day for more insight on the US central bank’s strategy on inflation and monetary policy. The bank has provided crucial support worth trillions of dollars to the world’s top economy during the virus crisis, helping stocks bounce back from their March troughs.

Meanwhile, the holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or ETF, said its holdings rose 0.3% to 1,252.09 tonnes on Wednesday.

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