Gold and silver prices advanced in Indian markets today after the recent correction. On MCX, October futures were up 0.14% to ₹51,340 per 10 gram. Silver futures on MCX 0.44% edged 0.44% higher to ₹65,860 per kg. In the previous session, gold prices fell 1.4% or ₹750 per 10 gram while silver tumbled ₹1,750 or 2.6%. After the recent correction, gold prices are down about ₹5,000 from this months’s high of ₹56,200 while silver has tumbled about ₹12,000 from record highs of ₹78,000.
In global markets, gold prices were steady today at $1,933 per ounce. Traders looked ahead to Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole on Thursday for more clarity on the direction of US monetary policy.
Unprecedented stimulus from Federal Reserve and other global central banks have pushed down interest rates to near zero, helping non-yielding gold rise 28% so far this year.
Among other precious metals, silver gained 0.3% to $26.62 per ounce while platinum rose 0.8% to $923.
A stronger US dollar also capped gold’s rise with the US currency holding firm near a one-week high against a basket of currencies. A stronger US dollar makes gold more expensive for holders of other currencies.