Gold prices today fall sharply, silver rates crash ₹2,500 in two days
Gold prices in India fell for the second day, tracking a decline in global rates after US President Donald Trump suspended stimulus talks with Democrats. On MCX, December gold futures were down 0.9% to ₹50,088 per 10 gram while silver futures fell 1.5% to ₹59,658. In the previous session, gold prices had declined 0.32% per 10 gram amid a choppy trade while silver had tumbled ₹1,450 or 2.3% per kg.
In global markets, gold prices were muted, trading at one-week lows after US President Donald Trump abruptly ended talks with Democrats on an economic aid package. Spot gold was flat at $1,877.15 per ounce after falling 2% in the previous session.
A stronger dollar also hurt gold prices. The dollar index was up 0.2% against rivals. Among other precious metals, silver rose 0.7% to $23.25 per ounce, platinum was up 1% at $856.51, while palladium dipped 0.1% to $2,339.81.
Analysts expect gold to remain choppy depending on the movement in US dollar and general market risk sentiment. India’s gold imports in September fell 59% from a year earlier to the lowest level in four months, Reuters reported, citing sources. India imports bulk of its gold requirement. Analysts hope that gold demand in India is likely to pick up ahead of the festive season, further supported by the recent correction in prices.
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