Gold prices today struggle, down ₹6,000 from record highs; silver higher

Gold prices today struggle, down ₹6,000 from record highs; silver higher

Gold prices struggled today in Indian markets after posting strong gains in the previous session. On MCX, October gold futures rose 0.1% to ₹50,190 per 10 gram while silver futures gained 0.5% to ₹60,730 per kg. In the previous session, gold prices had risen 1% or ₹502 after struggling for most part of the day. Silver had surged ₹1,360 or 2.3%.

As compared to its August 7 highs of ₹56,200, gold has corrected about ₹6,000 per 10 gram. Analysts say that gold is likely to find support at lower levels given the challenges in the global economy.

In global markets, a softer US dollar supported gold prices. Spot gold rose 0.15% to $1,883.69 per ounce, after rising 1.1% in the previous session. Gold traders weighed a fresh US stimulus proposal from the Democrats while looking ahead to the first presidential debate later in the day. Ahead of the November 3 general election, President Donald Trump and former Vice President Joe Biden will square off in their first presidential debate later in the day.

The dollar index was down 0.04% against rivals after registering a sharp fall in the previous session. A weaker dollar makes gold cheaper for holders of other currencies.

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