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Gold prices today collapse, down ₹4,500 in 2 days; silver rates crash

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Gold and silver prices in India fell today, extending the previous session’s slump. On MCX, October gold futures were down 3% or 1,500 to 50,441 per 10 gram. Silver futures on MCX tumbled 5% or 5,000 per kg to 61972. In the previous session, gold prices collapsed nearly 6% or 3,200 per 10 gram while silver crashed 12% or 9,000 per kg. Last week, gold prices in India had jumped over 56,000 while silver had almost touched 78,000.

In global markets, gold prices continued their fall today. Spot gold sank as much as 2.1% to $1,872.61 an ounce while US futures were below $1,900. Silver futures also dropped sharply, and were down 7% at $24.2 an ounce.

On MCX, gold has support in the 50450/49200 zone while resistance at 53,600, Geojit Financial Services said in a note.

After rising above $2,000 an ounce last week, gold’s has suddenly collapsed as US bond yields advanced and the dollar rebounded. The dollar index today held steady against a basket of major currencies.

The sharp drop in gold prices has triggered outflows from gold ETFs. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, said its holdings fell 0.3% to 1,257.93 tonnes on Tuesday.

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