Gold and silver prices fell today in Indian markets tracking a similar move in global rates. On MCX, October gold futures fell 0.63% to ₹54,600 per 10 gram – their second decline in three days. Silver futures on MCX fell 1% to ₹74,700 per kg. In the previous session, gold prices had edged 0.35% higher while silver had surged 2% or nearly ₹1,500 per kg. On Friday, gold had slumped nearly 1,000 per 10 gram. Last week, gold had hit a record high of ₹56,191 in Indian markets amid a global rally.
In global markets, gold prices fell today, pressurized by a stronger dollar. But the losses were capped amid escalating U.S.-China tensions and surging coronavirus cases. Investors also monitored the progress on fiscal stimulus plan in the US. Spot gold was down 0.3% at $2,021.32 per ounce while US futures eased 0.3% to $2,033.60.
Among other precious metals, silver dropped 1.2% to $28.81 per ounce while platinum fell 0.9% to $978.10.
The dollar index rose 0.1% to hold near a one-week high against its rivals after slumping to a two-year low. A stronger US dollar makes gold more expensive for holders of other currencies.
In global markets, gold has surged about 35% this year amid mounting COVID-19 cases, which have battered global economies and prompted unprecedented stimulus measures.