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Business News/ Markets / Commodities/  Gold prices today fall from 2-month high, silver rates drop
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Gold prices today fall from 2-month high, silver rates drop

Inflation concerns had lifted gold rates to near 2-month highs

Gold prices today: On MCX, futures were trading near ₹48,000 per 10 gramPremium
Gold prices today: On MCX, futures were trading near 48,000 per 10 gram

Gold and silver eased in Indian markets today, taking a breather after the recent uptrend. On MCX, gold futures were down 0.3% to 48,055 per 10 gram after rising to two-month high of 48280 intraday. Silver futures were down 0.6% to 65,700 per kg. 

“MCX gold seems to have held below the trendline resistance of 48100 region, above which, prices may appear firmer. Meanwhile, a dip below 47680 may induce weakness," Geojit said in a note. 

In global markets, gold fell today a five-session rally, as the dollar steadied and investors awaited key central bank meetings for clues about rate hikes amid rising inflation concerns. Spot gold fell 0.3% to $1,802.00 per ounce while spot silver fell 1% to $24.31 per ounce. 

Tapan Patel- Senior Analyst (Commodities), HDFC Securities, said gold prices traded under pressure today on stronger dollar and rise in US bond yields. “The dollar index rose after China shifted its policy towards growth while investors are awaiting outcome from Bank of Japan and ECB policy meetings. We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1810 and support at $1785 per ounce. MCX Gold December support lies at Rs. 47900 and resistance at Rs.48400 per 10 gram," he said. 

Among other precious metals, platinum shed 1.1% to $1,045.60 and palladium inched 0.6% lower to $2,038.95. Today, the dollar edged higher against a basket of currencies after a recent pullback, making bullion more expensive for holders of other currencies.

The US Fed's policy meeting is scheduled next week while Bank of Japan and the European Central Bank are set to hold monetary policy meetings later this week. 

Analysts say a dovish Fed or a pullback in US dollar could lift up.  Fed Chairman Jerome Powell recently said the U.S. central bank should start the process of reducing its support of the economy by cutting back on its asset purchases, but should not yet touch the interest rate dial. (With Agency Inputs)

 

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Published: 26 Oct 2021, 07:23 PM IST
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