New Delhi: Today, the futures price of gold and silver has fallen drastically in the Indian markets. February's gold futures on MCX fell below the 49,000 level. Gold fell 0.9%, or Rs 450, to Rs 48,860 per 10 grams, while silver futures slipped 1.4%, or 900 rupees, to Rs 65,127 per kilogram. Silver is down 7500 rupees from a record high of Rs 56,200 in August.
Gold prices remained low amid a strong dollar in international markets today. Gold was down 0.3% at $1,840 an ounce. After the bond yield and the dollar increase, a report indicated that the newly elected US President Joe Biden is planning a corona relief package of 20 trillion. The dollar index was up 0.05% at 90.377. Gold traders are awaiting the comments of Federal Reserve Chairman Jerome Powell. Powell is going to take part in a webinar today.
Biden can also announce his plans for adequate financial assistance. The swearing-in ceremony of Biden is going to be on 20th January. Today, the US initial unemployment claim data will also be released, while US retail sales, industrial production, trade inventory and consumer sentiment figures will come on Friday.
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