Tue. Jan 31st, 2023

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Gold prices today rise after falling ₹1500 in 2 days, silver rates jump

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Gold and silver prices in India moved higher after a sharp fall over the previous two sessions. A recovery in global rates helped prices rebound in Indian markets. On MCX, October gold futures were up 0.4% to 52,345 per 10 gram while silver futures climbed about 1,000 to 68579 per kg. In the previous two sessions, gold had slumped a combined 1,500 per 10 gram while silver around 1,650 per kg. Gold prices in India have remained choppy since hitting record highs of 56,191 per 10 gram.

In global markets, gold prices were moved higher, supported by a weaker US dollar, which makes the yellow metal cheaper for holders of other currencies. Spot gold was up 0.4% at $1,949.83 per ounce. Among other precious metals, silver gained 0.6% to $27.38 per ounce while platinum climbed 0.5% to $922.24.

The dollar index fell 0.2% against its rivals after US jobless claims data brought back fears of a slower global economic recovery. Latest data showed the number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark last week.

The minutes of Federal Reserve’s July 28-29 meeting, published on Wednesday, showed policymakers were concerned that an economic recovery faced a highly uncertain path.

Analysts expect gold prices to remain choppy in near term but says that buying interest is likely to emerge at lower levels amid persisting challenges to US and global economy and general weaker outlook for US dollar.

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