Gold rates in India are now down ₹7,500 from last year’s record highs

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Gold and silver prices extended decline in Indian markets today after a sharp fall in the previous session. On MCX, gold rates in India were down 0.13% to ₹48,616 per 10 gram while silver edged 0.1% lower to ₹70,722 per kg. In the previous session, gold rates in India had slumped 2% or ₹950 per 10 gram while silver had crashed 2.5% or ₹1,800 per kg, tracking a overnight dip in global rates.

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In global markets, gold rates fell to over 2-week low, hurt by stronger dollar and bond yields. Spot gold slid 0.4% to $1,862.68 per ounce after tumbling 2% in the previous session.

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Gold traders’ focus now turns to key US nonfarm payroll numbers due later today.

Indicating a strong labor market recovery, data released on Thursday showed the number of Americans filing new claims for unemployment benefits dropped below 400,000 last week, pushing up bond yields and the US dollar. The better-than-expected data boosted expectations that the strong economic readings may reignite taper talk from the Federal Reserve. Meanwhile, a measure of US services industry activity jumped to a record high in May.

Still, a top US Fed official said now is not the time for the U.S. central bank to adjust its bond-buying program, though it makes sense for the officials to be talking through options for the future.

Gold has struggled after hitting a record high of ₹56,200 in August last year as investors weigh risks including faster inflation and the uneven recovery from the pandemic.

The dollar index was up at a three-week high of 90.543 against its rivals, making gold more expensive for holders of other currencies.

Gold’s drop also spilled into other precious metals. In international markets, silver fell 0.5% today to $27.31 per ounce while platinum was down 0.7% at $1,148.50.

Gold prices were struggling in the domestic market