Gold prices suffer big fall today, silver rates move lower1 min read . Updated: 15 Nov 2019, 04:31 PM IST
- Gold rates have been choppy in recent days
- Silver prices have also fallen fallen sharply today
Gold prices in Indian fell sharply today, tracking losses in global markets. On MCX, gold prices were down 0.7% to ₹37,997 per 10 gram, snapping a three-day rising streak. Silver contracts on MCX also fell 1% to ₹44,267 on MCX. After today's correction, gold prices in India are down about ₹2,000 per 10 grams from September highs of about ₹40,000 per 10 gram, tracking a significant decline in global prices.
In spot markets, prices of 24 karat gold fell ₹149 to ₹38,875 per 10 gram in Delhi while silver prices shed ₹473 to ₹45,375 per kg, Press Trust of India reported, citing HDFC Securities.
Gold prices have been choppy in recent days, reacting to comments from US and Chinese top officials about the progress of trade talks.
In global markets, gold prices were soft today after comments from White House economic adviser Larry Kudlow, who on Thursday said that the US is nearing an interim trade pact with China. Spot gold declined 0.24% to $1,467.44 per ounce.
The world's two largest economies were in close touch via telephone, Kudlow said, adding an agreement could come soon. Asian stock markets were mostly higher today.
Geojit Financial Services says gold faces resistance at $1482 per ounce while has support at $1455 per ounce.
Also weighing on the precious metal was Thursday's data showing that the German economy narrowly avoided an expected slip into recession in the third quarter.
Gold prices are up 14% this year as uncertainties over the months-long China-US trade war. Worries about global slowdown and monetary policy easing from major central banks have also supported gold prices.
However, analysts don't expect the US-China trade spat to end soon. A Reuters poll of economists showed a permanent truce is unlikely over the coming year.
Back in India, the rupee today appreciated to 71.86 per US dollar, putting further pressure on gold prices. (With Agency Inputs)