10 Jun , 2021 By : Kanchan Joshi
Gold and silver prices dipped in India today, tracking weak global cues. On MCX, gold futures were down 0.2% to Rs49,020 per 10 gram while silver rates fell 0.5% to Rs71,507 per kg. Gold had ended flat in the previous session while silver had jumped 0.9%.
In international markets, gold rates were down moderately as investors remained cautious ahead of US inflation data. The European Central Bank policy meeting is also scheduled later in the day. Spot gold was down 0.2% at $1,885.51 per ounce. Among other precious metals, silver dipped 0.1% to $27.73 per ounce while platinum edged 0.2% lower to $1,147.56.
The precious metal was weighed down by a stronger US dollar, making gold less appealing for other currency holders. The dollar index edged up slightly to trade at 90.168 against its rivals,
On the other hand, gold was supported by dip in US benchmark Treasury yields that slipped below 1.50% in over a month. Lower yields reduce the opportunity cost of holding non-interest bearing bullion.
Analysts expect the European Central Bank to maintain its loose monetary policy stance.
Meanwhile, the holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.6% to 1,043.16 tonnes on Wednesday from 1,037.33 tonnes on Tuesday.
0 Comment