Gold prices today fall to lowest in 10 months

112
0
SHARE
Gold prices in india

Gold prices in India today struggled near 10-month lows amid weak global cues. On MCX, gold futures were down 0.6% to ₹45283 per 10 gram, their sixth day of decline in previous seven days. Silver futures were down 0.3% at ₹69000 per kg. Gold is in a sideways trend and MCX gold faces resistance at ₹45600-45800 levels, says Kshitij Purohit, Lead – International & Commodity at CapitalVia Advisor.

Paytm processes 1 bn transactions for 2nd straight month

In global markets, gold prices edged lower today as firm US Treasury yields exerted pressure on non-yielding bullion. Spot gold eased 0.2% at $1,734.16 per ounce. Benchmark U.S. Treasury yields after a sharp fall last week held near 1.4% levels, making non-interest paying gold unattractive to investors.

“A rally in global equities on economic optimism and strengthening of US dollar continue to hit the safe-haven status of gold and thus the price of the commodity. Meanwhile, hopes of fiscal stimulus measures from the U.S offer lower-level support to the metal,” said Hareesh V, Research Head Commodities at Geojit Financial Services.

“Sentiment will continue to be on the lower side as long as it stays below the support of $1760. However, a direct turn above $1820 is required to negate the view and take prices higher,” he added.

Among other precious metals, silver dipped 0.3% to $26.67 an ounce, while palladium climbed 0.6% at $2,376.50. Platinum shed 0.3% to $1,200.50.

“The US and global bond yields have risen sharply in last few days and while central banks have played down higher yields as reflection of economic optimism, market players are worried about inflation and rising borrowing costs. The US 10-year bond yield hit a Feb.2020 high of near 1.61% last week but has steadied near 1.4% currently,” Kotak Securities said in a note.

non-subsidised LPG is at ₹ 819 per cylinder in Delhi