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Gold Rates Today : Gold Price Falls ₹5,500 Today From Record Highs

       


Gold Price Falls ₹5,500 Today From Record Highs

Gold Rates Today : Prices on MCX Dropped to ₹50,584 per 10 Gram

In global markets, gold rates fell to a stable US dollar. Gold spot fell 0.1% to $ 1,903.16 an ounce. On the other hand, gold losses were offset as investors expressed some hope of agreement on the US stimulus negotiations. A spokesman for House Speaker Nancy Pelosi said differences in the conversation were narrowing.

 

Gold and silver prices fell in Indian markets today, which can be attributed to the fall in global rates. December futures on MCX fell 0.2% to gold 50,584 per 10 grams while silver futures fell 0.35% to 88 61,882. In the previous session, gold prices had risen 0.24%, while silver had risen 0.6%. Globally, gold prices have risen in the past two months amid recovery in the US dollar and uncertainty over US stimulus talks. Gold prices in India were recorded at a record high of ₹ 56,200 in August.


In global markets, gold rates fell to a stable US dollar. Gold spot fell 0.1% to $ 1,903.16 an ounce. On the other hand, gold losses were offset as investors expressed some hope of agreement on the US stimulus negotiations. A spokesman for House Speaker Nancy Pelosi said differences in the conversation were narrowing.


Among other precious metals, silver fell 0.3% to $ 24.43 an ounce, platinum and palladium gained 0.1% to close at $ 857.85 per dollar. U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin "continued to narrow their differences" about a fresh aid package, Pelosi's spokesperson, Drew Hammill, wrote on Twitter.


"The Speaker continues to hope that, by the end of the day Tuesday, we will have clarity on whether we will be able to pass a bill before the election." the spokesperson wrote.


Inflows into gold ETFs remained uneven as investors awaited more clues about the direction of the price trend. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund or gold ETF, said its holdings rose 0.02% to 1,272.85 tonnes on Monday from 1,272.56 tonnes on Friday.


"Expectations of more fiscal stimulus measures from the US before election and unsolved US-China tensions continue to support gold. However, easing safe haven demand amid hopes of global economic recovery would dent major rallies in the commodity," said Hareesh V, Head of Commodity research, Geojit Financial Services.


Gold (London spot) has support at $1840 while it is required to break $1920 to continue major rallies, he added.

Gold traders will look at progress of Brexit trade talks and the final presidential debate before the US election. Brexit trade talks are likely to continue at least into next week if the UK and EU fail to reach an agreement while the presidential debate between President Donald Trump and former Vice President Joe Biden, be held on Thursday.

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