Gold prices today fall sharply, silver rates slump

Market


Gold and silver rates fell sharply in Indian markets today, tracking a drop in international rates. On MCX, gold futures were down 0.6% to 46,377 per 10 gram while silver rates slumped 1%.  In the previous session, gold had ended flat while silver surged 1.2%. 

In global markets, gold rates today dropped after US Federal Reserve signalled easing its monthly bond purchases. Spot gold was down 0.3% at $1,762.33 per ounce. The dollar index hovered near one-month high, diminishing gold’s appeal for those holding other currencies.

Fed chairman Jerome Powell said the central bank could begin scaling back asset purchases in November and complete the process by mid-2022. Fed officials also revealed a growing inclination to raise interest rates next year. 

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments