On MCX (Multi Commodity Exchange of India), gold and silver prices declined marginally, on Thursday, in line with the international markets. Gold was trading 0.15 pc lower at Rs 50,420 per 10 grams during noon session. In the international market, spot gold was a little changed at USD1,877.83 per ounce after a 2 pc fall on Wednesday as a fresh wave of COVID-19 cases in Europe and the US has kept the US dollar at a one-week high. A stronger US dollar puts pressure on gold prices.

As for silver, in the previous day’s trade in the international markets grabbed attention with its significant fall of over 3 pc during the session caused the metal to slip below the USD24 an ounce level. On Thursday, the metal was trading at USD23.44/ounce. Silver prices in India also slipped below Rs 60,000/kg in trade on Thursday, with silver futures on MCX touching a low of Rs 59,930 per kg. Silver prices in India also declined below Rs 60,000/kg in trade on Thursday, with silver futures on MCX touching a low of Rs 59,930 per kg.

In the international markets, gold rates are stuck in a consolidation pattern looming near USD1,900 an ounce. World Bank in its October commodity report noted that prices rose 12 pc in the July-September period, its eighth consecutive quarter of gains and touched historical levels. "Prices are expected to average 27.5% higher in 2020 and remain broadly stable in 2021 as the global economy recovers," it added.

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