Gold prices today fall: Gold & silver prices in India reversed gains & moved lower
Latest data showed the number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark last week.
New Delhi: Gold and silver prices in India reversed gains and moved lower in later part of the session.
On MCX, October gold futures were down 1.1% to ₹51,552 per 10 gram while silver futures dropped about ₹650 to ₹66,950 per kg. In the previous two sessions, gold had slumped a combined ₹1,500 per 10 gram while silver around ₹1,650 per kg. Gold prices in India have remained choppy since hitting record highs of ₹56,191 per 10 gram.
In global markets, gold prices also moved lower as the US dollar strengthened against other currencies. Spot gold weakened 0.9% to $1,930.46 an ounce while silver weakened 1.4% to $26.87 per ounce.
Latest data showed the number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark last week.
The minutes of Federal Reserve’s July 28-29 meeting, published on Wednesday, showed policymakers were concerned that an economic recovery faced a highly uncertain path.
Analysts expect gold prices to remain choppy in near term but says that buying interest is likely to emerge at lower levels amid persisting challenges to US and global economy and general weaker outlook for US dollar.
“While gold is struggling for direction, prices remain supported by increasing virus cases which has forced countries to take restrictive measures threatening economic recovery. Increased US-China tensions have also kept gold prices supported,” Kotak Securities said in a note.
China on Thursday confirmed plans to talk with U.S. officials soon to review progress on their preliminary trade deal but earlier this week, President Donald Trump said he canceled those plans because he’s unhappy with the Asian nation’s role in the Covid-19 pandemic.
Meanwhile, stalemate in US fiscal stimulus talks has added to uncertainty about health of US economy and may keep a check on US dollar, the brokerage added.
(With Agency Inputs)
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