Gold prices today fall sharply for second time in 3 days, silver rates drop

Gold prices today fall sharply for second time in 3 days, silver rates drop

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Gold and silver prices

Gold and silver prices fell today in futures market in India amid weak global cues. On MCX, gold futures fell 0.44% to 47,876 per 10 gram, registering second sharp fall in three days. Silver futures were weak too and were down 0.5% to 67,563 per kg. In global markets, gold has continued to waver in a narrow range above $1800 ounce as market players react to volatility in larger financial markets. On Friday, gold fell about 400 or 0.75% per 10 gram while silver rates declined 0.5%.

Global Markets

In global markets, prices of precious metals, including gold and silver, were subdued ahead of key U.S. non-farm payroll data due later this week. Also weighing on gold, the dollar held steady although growing concerns over Delta variant of coronavirus cases capped losses.

Gold traders remained cautious after a top US Fed official said central bank could start to reduce its support for the economy by October if the next two monthly jobs reports each show employment rising by 800,000 to 1 million.

Gold ETF flows also show lack of confidence in the market, say analysts. Indicating investor jitteriness ahead of key US jobs data, the holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.2% to 1,029.71 tonnes on Monday from 1,031.46 tonnes on Friday.

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Gold may continue to witness choppy trade reflecting volatility in US dollar and equities, says Kotak Securities, adding that increasing concerns about virus spread and China’s economic health will keep the precious metal supported.

Rising cases may force countries to impose stricter restrictions hampering economic activity. “Concerns about Chinese economy is also high amid disappointing economic data, worries about investor outflows amid rising regulatory crackdown and recent surge in virus cases,” says Kotak Securities.

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[…] Also read: Gold Prices Today Fall Sharply For Second Time In 3 Days, Silver Rates Drop […]