Today, after the sharp fall in the previous session, hike in the prices of gold and silver have been recorded in Indian markets today. October futures on MCX rose 0.23 per cent to Rs 50,940 per ten grams, while silver futures rose 0.75 per cent to Rs 68,770 per kg. For the last two days, the futures prices of precious metals were being recorded. On Wednesday, gold futures slipped by Rs 650 per ten grams, while the price of silver was reduced by Rs 2,650 per kg. The price of gold in the country reached a record level of Rs 56,200 per ten grams last month.
Talking about global markets, gold prices were flat today after a fall of 1.4 per cent in the previous session. Spot gold was up 0.1 per cent at $ 1,944.58 an ounce amid concerns of global economic recovery. As per the data released on Wednesday, American private employers hired fewer workers than expected in August.
Among other precious metals, silver fell 0.1 per cent to $ 27.48 an ounce, platinum rose 0.1 per cent to $ 906.69 and palladium fell 0.3 per cent to $ 2,241.10. The strong US dollar has put pressure on the gold price. The dollar index, which measures the dollar's performance against 6 currencies, reached 92.852, making gold costly for the holder of other currencies. On the other hand, gold was supported by additional US stimulus.
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Gold futures became cheaper on second day, silver prices also fall