HIGHLIGHTS

• Gold is trading at Rs 47,435 per 10 grams on the MCX.
• Silver stands at Rs 63,001 per kg, witnessing a dip of 0.66 per cent.
• Internationally, gold prices fell on Wednesday and the dollar gained some ground.

Today, both gold and silver prices have once again witnessed a downfall on the Multi Commodity Exchange(MCX). Recording a dip of 0.53 per cent or Rs 252, gold futures maturing on October 5, 2021, stand at Rs 47,435 per 10 grams.

Meanwhile, witnessing a dip of 0.66 per cent or Rs 419, silver futures, maturing on September 3, 2021, are trading at Rs 63,001 per kg on the MCX.

Yesterday, gold stood at Rs 47,480 per 10 grams on the MCX, while silver traded at Rs 62,792 per kg with a downfall of 0.22 per cent or Rs 139. The prices of gold and silver stood at Rs 47,612 and Rs 63,474, respectively, on the MCX when the market closed on Tuesday.

Gold, silver prices on the international market:

Gold prices inched lower on Wednesday and the dollar ticked higher on the international front. Investors are eagerly awaiting Federal Reserve Chair Jerome Powell’s speech as it is expected to provide a guide on tapering off the pandemic-era stimulus.

Meanwhile, spot gold fell 0.4 per cent to $1,796.03 per ounce and U.S. gold futures 0.6 per cent to $1,797.50. On the other hand, the dollar index went 0.1 per cent higher and made gold weaker for holders of other currencies, reported Reuters.

As per Reuters, Goldman Sachs economists were quoted by Reuters as saying that Fed officials will announce the start of tapering its bond purchases in November. The officials had anticipated that the Central Bank would likely choose to dial back purchases by $15 billion.

In another significant development, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2 per cent. Silver eased 0.4 per cent to $23.73 per ounce and platinum fell 0.5 per cent to $1,005.97 in the global market.

Gold and silver prices in India: