Gold and silver prices ticked lower in India on Monday despite higher global rates. On MCX, gold futures fell 0.75% to Rs 51,300 per 10 gram while silver futures declined 1.42% to Rs 66,820 per kg. In the previous session, gold had risen 0.5% while silver had touched Rs. 68,500. Gold prices in India have remained in the downtrend after hitting a record high of over Rs 56,000 in August.
At 2:19 pm, the October gold futures were trading at Rs 51,326 and December Silver was trading at Rs 66,918.
“Gold may continue to trade choppy again on rising virus cases and a weaker U.S dollar. Hopes of fresh fiscal stimulus measures offer lower level support. A range bound trading inside $1880-1975 (London spot) an ounce is expected initially and breaking any of the sides would suggest a fresh direction to the commodity,” said Hareesh V, Head of Commodity Research, Geojit Financial Services
Global spot prices continued to fall as the current close fell with 0.39% with a value of $1,954 per Troy ounce. Silver fell 1.5% to $26.9 per Troy ounce.
