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Gold prices mostly flat, silver slightly up
The dollar falling to its lowest levels has led to a drop in gold prices for buyers who hold other currencies.
Gold prices were flat even and silver rate saw a marginal increase on Tuesday. On the Multi Commodity Exchange (MCX), gold prices were flat at ₹46,947 after surging ₹700 during Monday’s session, Mint reported. Silver futures also gained slightly by 0.24% to ₹70,598 per kg.
There has been a marginal rise in the prices of gold in the international market. The precious metal climbed to a one-week peak on Tuesday due to a weaker dollar and expectation of a US stimulus. Spot gold rose 0.2% to $1,812.06 per ounce, news agency Reuters reported.
“One of the few assets that is more out of favour than gold at the moment is the dollar, so that is supporting gold prices by extension,” expert Kyle Rodda was quoted as saying by news agency Reuters.
The dollar falling to its lowest levels has led to a drop in gold prices for buyers who hold other currencies. Investors are also awaiting the US Federal Reserve chairman Jerome Powell's testimony to the US Congress scheduled later today. Other precious metals like silver eased 0.4% to $28.04 an ounce while platinum futures dropped by 0.4% to $1,267.46. Palladium prices gained by 0.3% to $2,401.52. Gold prices rose by 1.5% following expectations of rising inflation triggered equity valuation concerns and weaker US dollar.
Spot gold prices in New Delhi surged by ₹278 to ₹46,013 per 10 gram on Monday. Silver prices also saw an increase of ₹265 to ₹68,587 per kg on Monday. “Spot gold prices for 24 carat gold at Delhi traded up by ₹278 reflecting gains in global gold prices despite sharp rupee appreciation,” Tapan Patel, HDFC Securities’ senior analyst (Commodities), was quoted as saying by news agency PTI.
