Gold prices see massive drop; rates fall 0.3% to ₹47,776 per 10 grams

Gold prices recently reached a three-week high in the global market owing to the weakening US dollar.

Gold prices in the Indian market on Thursday witnessed a drop – the first one after six days. On the Multi Commodity Exchange (MCX), gold futures declined by 0.3% to ₹47,776 for 10 grams at 9:05am. Silver rates also dropped by 0.5% to ₹69,008 per kilogram. Besides, the price of 24k gold in the Indian spot market was quoted at ₹47,980.

Gold prices recently reached a three-week high in the international market.

In the international market too, gold prices dipped after seeing an upward swing in the previous session. Spot gold dropped by 0.3%to $1797.2 per Troy ounce. This price level is 3.2% higher than the average gold price seen in the last 30 days ($1739.7). Furthermore, silver prices saw a drop as well, with the metal dipping 0.93% to $25.9 per Troy ounce.

The price of platinum, too, suffered, dropping 1.06% to $1077.0 per Troy ounce.

"Lower US treasury yields and worries over the rise in new virus cases due to the more virulent Delta variant are keeping gold prices steady near $1800 an ounce. Meanwhile, a strong US dollar and optimistic global economic sentiment continue to dampen its safe asset appeal," says Hareesh V, research head commodities at Geojit Financial Services said, Livemint reported.

Hareesh added that the yellow metal prices continue to be rough inside $1,820-1,748 levels, and breakage on either side would indicate a short-term direction for the commodity, a LiveMint report stated.

Gold prices recently reached a three-week high in the global market owing to the weakening US dollar. On the MCX portal, the yellow metal prices jumped 0.08 per cent to ₹47,730 per 10 gram yesterday, with the prices witnessing 0.27 per cent or ₹38.2 rise per 10 gram the previous session.