Gold Prices Today Fall Sharply, Silver Rates Slump | Check New Rates Here
Gold was trading weak in Indian markets on January 14, tracking a muted trend in the international spot prices. March Silver futures also fell more than 1 percent in the morning trade.
Gold prices fell sharply in Indian markets with MCX February futures slumping below the ₹49,000 level. Gold was down 0.9% or ₹450 to ₹48,860 per 10 gram while silver futures slumped 1.4% or ₹900 to ₹65,127 per kg. The precious metal is now down about ₹7500 from record highs of ₹56,200, hit in August.
On January 13, gold and silver futures contracts settled positive in the international market. February gold futures contract settled at $1,854.90 per troy ounce and March silver at $25.57 per troy ounce. Despite strength in the rupee, both precious metals settled on a positive note in the domestic market as well.
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In global markets, gold prices were lower today amid higher US Treasury yields and a stronger dollar. Gold was at $1,840 an ounce, down 0.3%. Bond yields and the dollar rose today after a report indicated that US President-elect Joe Biden plans a massive Covid-19 relief package of about $2 trillion.
Prices of gold in Chennai have dropped as the rate of 22-carat gold is lesser in Chennai as compared to other major cities. With a decrease of Rs 180,10 grams of 22-carat gold can be purchased for 46,620. People willing to purchase 24-carat gold in Chennai today, can buy ten grams of gold at Rs 50,900 after metal’s price dropped by Rs 150 in the region.
Meanwhile, gold price in Kolkata has increased more after yesterday, however, today the increase in the price is not significant. The price of 10 grams 22-carat gold in the city is Rs 48,990 after an increase of Rs 10 today, while 24-carat gold is available for Rs 51,690.
With Agency Inputs