The prices of gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) on Monday. Witnessing a downfall of Rs 58 or 0.12 per cent, prices of gold futures maturing on December 3 stand at Rs 48,794 per 10 grams on the MCX.

Similarly, silver futures, maturing on December 3, 2021, stand at Rs 65,458 per kg after recording a marginal dip of Rs 21 or 0.03 per cent.

Gold and silver prices in the international market:

As per Reuter, gold prices stabilised on Monday after hitting their lowest in nearly two weeks, as a retreating dollar lent some support to the metal. Meanwhile, spot gold was little changed at $1,845.48 per ounce by 0055 GMT. U.S. gold futures fell 0.3 per cent to $1,846.80.

The dollar index fell 0.1 per cent, retreating from Friday’s high. A weaker dollar reduces bullion’s cost to buyers holding other currencies. Federal Reserve policymakers are publicly debating whether to taper asset purchases more quickly, with one of the central bank’s most influential officials signalling on Friday that the idea will be on the table at the Fed’s next meeting.

The report revealed that the physical gold demand in major Asian hubs softened last week, although Indian dealers looked to the upcoming wedding season for renewed interest in bullion.

Meanwhile, spot silver fell 0.1% to $24.57 per ounce.

Gold and Silver prices in major Indian cities: