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Gold prices today: Gold, silver prices fall on global cues

Gold prices today: Gold, silver prices fall on global cues

Gold Price in India: Gold futures traded lower on Monday, October 11, as the yellow metal took cues from the international markets. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on December 3, were trading 0.37 per cent lower at Rs 46,864 last time compared to the previous close of Rs 47,037. Silver futures for delivery on December 3 traded 0.52 per cent lower at Rs 61,480 from Rs 61,801 in the previous trade.

According to Mumbai-based industry body India Bullion and Jewelers Association (IBJA), domestic spot gold of 24 carat purity opened at Rs 46,966 per 10 grams and silver at Rs 61,475 per kg on Friday.

Foreign exchange rate:

The dollar was lowered as US yields outpaced those in Germany and Japan, hitting a high of 112.67 on the yen since the end of 2018. The dollar index stood at 94.133, having climbed a recent top of 94.504.

A stronger dollar and higher yields weighed on gold, which offers no fixed returns, leaving it at $1,756 an ounce.

What Analysts Say:

Ravindra Rao, CMT, EPAT, VP- Commodity Research Head at Kotak Securities:

Comex gold trades marginally near $1756/oz after falling 0.4% yesterday. Gold trades under pressure amid a stronger US dollar and higher bond yields amid Fed’s monetary consolidation expectations. ETF outflows also weaken investors. Shows interest. However, support is a safe haven buying amid rising challenges for the global economy and improving consumer demand. Gold may remain limited as a stronger US dollar will counter weak risk sentiment, though lower prices amid weakening risk appetite Might attract some purchases.”

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