Tue. Nov 29th, 2022

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Gold prices today fall for third time in 4 days, silver rates drop

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Gold prices today fell in Indian markets, tracking muted global cues. On MCX, August gold futures were down 0.12% to 48,910 per 10 gram, their third decline in four days. Silver also edged lower, with futures on MCX declining 0.25% to 52,765 per 10 kg. Gold prices in India had hit a record high of 49,348 per 10 gram earlier this month and since then prices have remained choppy.

In global markets, gold prices today remained steady above the key psychological level of $1,800 per ounce. Spot gold was steady at $1,808.53 per ounce while US gold futures were almost unchanged at $1,809, supported by a weaker US dollar and concerns over surging coronavirus cases around the world. Among other precious metals, platinum fell 0.2% to $836.62 and silver edged 0.1% higher to $19.33.

“A rise in the US China tensions and an uptick in the investment demand has underpinned the yellow metal. Going ahead, the bulls case is intact for gold but, since price is too high, buy on dips would be the best strategy for traders,” said Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers.

On the physical side, demand for gold remained muted in India amid surging coronavirus cases in the country. In India, dealers charged premiums of up to $2 an ounce over official domestic prices last week as compared to previous week’s $3 premium, Reuters reported, amid a big fall in imports.

Gold imports into India plunged 94% during the first quarter of 2020-21 due to a significant fall in demand in the wake of the COVID-19 pandemic.

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