Home / Markets / Commodities /  Gold prices today fall for second day in a row, silver rates edge higher
Listen to this article

Gold prices in India fell for second day amid subdued global cues. On MCX, gold futures edged lower to 47,620 at day's low while silver rose 0.3% to 65,175 per kg.  On MCX, gold rates were steady, supported by a softer dollar and a pullback in U.S. Treasury yields. Spot gold was up flat at $1,784.66 an ounce while silver edged 0.2% down to $24.08 an ounce.

Gold traders are awaiting the outcome of key central bank meetings scheduled later this week.  Analyst expect European Central Bank to keep policy unchanged and leave a decision on its pandemic emergency bond purchase programme to December. The US Federal Open Market Committee policy meeting is also scheduled on November 3.

“The traders and investors are awaiting outcome from Bank of Japan and ECB policy meetings on Thursday. We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1800 and support at $1775 per ounce. MCX Gold December support lies at Rs. 47400 and resistance at Rs.48000 per 10 gram," said Tapan Patel- Senior Analyst (Commodities), HDFC Securities.

While gold is often considered an inflation hedge, reduced economic stimulus and higher interest rates push government bond yields up, raising the opportunity cost of holding bullion.

The dollar index fell 0.14% against its rivals while the benchmark 10-year U.S. Treasury yields slipped, decreasing the opportunity cost of holding non-yielding bullion.

Global equity markets were today mixed amid a flare-up in U.S.-China tensions, signs of further regulatory crackdowns from Beijing and a rise in short-dated U.S. Treasury yields. MSCI's global equity benchmark is hovering close to Monday's seven-week high and is on track for the best month in almost a year. (With Agency Inputs)


Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout