Gold and silver prices edged higher in Indian markets today after a sharp fall in the previous session. On MCX, October gold futures rose 0.23% to ₹50,940 per 10 gram while silver futures were up 0.75% to ₹68,770 per kg. In the previous session, gold futures had slumped ₹650 per 10 gram to extend losses to the second day while silver prices had crashed ₹2650 per kg. Gold prices in India have corrected sharply from their record highs of ₹56,200 hit last month.
Gold prices were flat today in global markets after a 1.4% drop in the previous session. Spot gold inched up 0.1% to $1,944.58 per ounce, held steady by worries over the global economic recovery. Data released on Wednesday showed US private employers hired fewer workers than expected in August, suggesting that the labor market recovery was slowing.
Among other precious metals, Silver eased 0.1% to $27.48 per ounce, platinum rose 0.1% to $906.69 and palladium fell 0.3% to $2,241.10.
A stronger US dollar put pressure on gold prices. The dollar index, which measures the dollar’s performance against a basket of six currencies, rose to 92.852, making gold costlier for holder of other currencies.