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.
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