Gold and silver prices today fell today in Indian markets amid weak global cues. But a weaker rupee capped losses. On MCX, gold futures were down near three-week low of ₹46,925 per 10 gram while silver fell 0.5% to ₹63,877 per kg. The Indian rupee today fell sharply against the US dollar to 73.85, weighed down by a broadly stronger US dollar. Gold prices in India include 10.75% import duty and 3% GST.
In global markets, gold fell to near two-week lows of 1,787.81 per ounce as stronger US dollar hurt the safe-haven appeal of gold. Analysts say that caution over pace of the global recovery bolstered the appeal of US dollar. On the other hand, gold is seen as a hedge against higher inflation that could follow stimulus measures.
Gold traders will be eyeing European Central Bank’s policy decision due later today. Among other precious metals, silver fell 0.1% to $23.94 per ounce, while palladium dropped 0.4% to $2,243.18.
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