Gold and silver prices on Thursday edged lower in Indian domestic markets, tracking muted global trends amid lesser chances of a US stimulus package before presidential elections. Registering the third consecutive day decline, the price of yellow metal declines by Rs 32 to Rs 51,503 per 10 gram in the national capital on Thursday. The precious metal had closed at Rs 51,535 per 10 gram in the previous trade.
Silver prices also declined by Rs 626 to Rs 62,410 per kilogram from Rs 63,036 per kilogram in the previous trade. In the global market, gold and silver were quoting marginally lower at USD 1,901 per ounce and USD 24.18 per ounce, respectively. “Gold prices traded under pressure on stronger dollar as investors switched to dollar as safe-haven buying,” HDFC Securities Senior Analyst (Commodities) Tapan Patel told news agency PTI. Analysts say that US election outcome, its impact on the US dollar, clarity on the covid vaccine will give broader direction to gold prices adding that the yellow metal will remain supported at lower levels
Meanwhile, Gold futures on Thursday fell by 0.29 percent to Rs 50,395 per 10 gram as participants offloaded their holdings on low spot demand. On the Multi Commodity Exchange, gold prices for December delivery declined by Rs 147, or 0.29 percent, to Rs 50,395 per 10 gram in a business turnover of 14,692 lots. In the previous day trade, gold prices had slumped Rs 850 per 10 gram while silver had plunged Rs 2,600 per kg. In global markets, gold prices were little changed today. The yellow metal was trading 0.36 percent down at USD 1,900.50 per ounce in New York.