Tue. Nov 29th, 2022

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

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

2 min read
Saudi-Gold-Jewellery

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.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.