Mon. Sep 28th, 2020

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

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Gold prices struggled for momentum in India for the third day in the row in India. On MCX, gold futures were down marginally at 47,137 per 10 gram. Silver prices saw some profit-taking after their strong run. On MCX, July silver futures were down 0.21% to 50,505 per kg. Silver had surged about 25% in the past one month on optimism over industrial demand reviving as more countries reopen their economies. After hitting a record high of about 48,000 per 10 gram, gold prices in India have traded in a narrow range.

In global markets, gold prices inched lower on optimism of economic recovery as more countries ease lockdown curbs. However, losses in gold were capped due to China-US tensions, protests in the United States and a weaker dollar. Spot gold was down 0.1% at $1,738.12 per ounce. Among other precious metals, platinum was up 0.3% to $850.19, while silver fell 0.5% to $18.17.

A survey showed that factory activity in China returned to growth in May as restrictions eased, but the improvement was marginal. Meanwhile, in US manufacturing activity ticked up slightly from a 11-year low, suggesting that the worst of the coronavirus-related economic downturn might be over.

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