Gold Futures Below Rs 47,300, Rs 8,900 Down from Record High; Silver Slides

Gold and silver rates dropped in India on Wednesday, following the muted trend in the global markets

 

Gold and silver futures traded in the negative territory on Wednesday, as the precious metals were following the muted trend in the global markets.

 

The Gold October futures were down rupees 37 to rupees 47,223 per 10 gram on Multi-Commodity Exchange. In the previous session, gold futures ended at rupees 47,260.

 

And, Silver December futures were trading at rupees 63,419 per kilogram, down Rs 166 on MCX, compared to their previous close of rupees 63,585.

 

According to a PTI report, the decline in prices is in line with downfall in global gold rates and low demand.

 

Although, these low level rates of gold brings much joy for common buyers amidst the festive season.

 

The gold is retailing in Delhi at rupees 46,140 per 10 grams of 22-carat and rupees 50,340 per 10 grams of 24-carat.

 

Gold price today inthe business hub, Mumbai stands at rupees 46,000 per 10 grams of 22-carat and rupees 47,000 per 10 grams of 24-carat.

 

In Chennai, gold retails at rupees 44,600 per 10 grams of 22-carat and rupees 48,660 per 10 grams of 24-carat.

 

The gold is retailing at rupees 46,550 per 10 grams of 22-carat and rupees 49,250 per 10 grams of 24-carat in Kolkata.

 

According to the news agency Reuters, in the international market, the precious yellow metal held above the key level of USD 1,800 as the dollar and bond yields came under pressure.

 

As per Reuters, the pressure came after a weaken-than-expected surge in US inflation led to uncertainty on when the United States central bank will begin the decline of its asset purchases.

 

Spot gold was stable at USD 1,802.86 per ounce, after having hit a one-week high of USD 1,808.50 in the previous session and the US gold futures dropped 0.2 percent to USD 1,803.80.

India Scanner News Network

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