The prices of gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) on Tuesday, December 7, 2021. Witnessing a downfall of Rs 100 or 0.21 per cent, prices of gold futures maturing on February 4, 2022, stand at Rs 47,907 per 10 grams on the MCX.

Similarly, the market rates for silver stand at Rs 61,236 per kg after recording a marginal dip of Rs 68 or 0.11 per cent.

Gold and Silver prices on international market

As per Reuters, gold prices were flat on Tuesday, as a firmer dollar and U.S. Treasury yields weighed on its appeal and confined the metal to a tight $4 range.

Meanwhile, spot gold was little changed at $1,778.79 per ounce by 0130 GMT. U.S. gold futures were flat at $1,780.00.

The dollar index steadied, hanging on to an overnight jump made with U.S. yields as investors hoped early signs the Omicron variant may be mild will be proved correct.

As per the metal report, a stronger dollar raises gold’s costs to buyers holding other currencies, while higher yields increase bullion’s opportunity cost.

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell about 0.2 per cent to 982.64 tonnes on Monday from 984.38 tonnes on Friday.

Meanwhile, spot silver fell 0.2 per cent to $22.31 an ounce. Platinum was steady at $938.00 and palladium dropped 0.3 per cent to $1,849.19.

Gold and Silver prices in major Indian cities: