New Delhi: Today, gold prices have seen a steep rise after a three-day decline, while rates in international markets were flat. On MCX, gold futures gained 0.3 percent to Rs 47,389 per 10 grams, while silver gained 0.7 percent to Rs 70,621 per kg. In the last three sessions, the futures price of gold had declined by Rs 800.
The weak US dollar supported the precious metal. Spot gold gained 0.1 percent to $ 1,820.71 an ounce. The dollar index, which represents the value of the greenback against six currencies, fell 0.26 percent to 90.237. Meanwhile, the price of platinum reached a height of around six and a half years. Platinum rose one percent to $ 1,315.32.
Holdings of SDPR Gold Trust, the world's largest gold-backed exchange-traded fund or gold ETF, decreased to 1142 tonnes from 1156 tonnes in the previous week. Gold ETFs are based on the prices of gold and its price also decreases with the fluctuations in its price. The flows of ETFs reflect weak investor interest in gold. A strong dollar makes gold more expensive for holders of other currencies.
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