Gold and silver prices have fallen in Indian markets today amid global cues and strong rupee. October futures on MCX fell 0.35 per cent to Rs 51,320 per 10grams, while silver futures fell 1.3 per cent, or Rs 900, to Rs 70,000 per kg. In the previous session, the futures price of gold had fallen by 0.44 per cent, while the silver futures had gained 0.4 per cent. Since reaching a high level of Rs 56,200 on August 7, gold prices in the country have been volatile.
Gold prices rose in global markets today due to a weak US dollar. Spot gold was up 0.1 per cent at $ 1,971.07 an ounce, while US gold futures were steady at $ 1,978.90. Among other precious metals, silver rose 0.3 per cent to $ 28.25 an ounce and platinum rose 0.3 per cent to $ 943.63. The dollar index remained at a near two-year low as investors said interest rates in the US would remain low for a long time under the new monetary policy framework outlined by the Fed chief last week. A weaker dollar makes yellow metal cheaper for holders of other currencies.
According to the data released on Tuesday, in the month of August, US manufacturing activity reached a high level of nearly 2 years amid new orders. Gold prices have risen nearly 30 per cent so far this year, as governments and central banks worldwide have been given unprecedented impetus to boost the economy amid the Coronavirus pandemic.
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