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Gold, Silver Prices Edge Lower On Weak Global Markets

Fine gold with purity of 24 carats was priced at Rs 46,310 per 10 grams.

Gold, Silver Prices: Gold and silver costs edged decrease on Monday on the again of weak international cues because the greenback firmed with markets intently watching a US Federal Reserve assembly for clues on when the financial institution will begin tapering its crisis-era stimulus measures. Gold futures for supply in October fell as a lot as 0.23 per cent to hit an intraday low of Rs 45,880 per 10 grams. In the spot market, high-quality gold with purity of 24 carats was priced at Rs 46,310 per 10 grams, 22 carat gold was being retailed at Rs 45,200, 18 carat gold was priced at Rs 37,510 and 14 carat gold was being offered at Rs 29,870 per 10 grams, in keeping with India Bullion & Jewellers Association (IBJA).

Silver futures additionally got here underneath promoting strain because the Silver futures contracts on the MCX fell 1.28 per cent or Rs 770 to the touch an intraday low of Rs 59,222.

In the worldwide markets, gold costs hit a greater than five-week low on Monday whereby the spot gold fell 0.three per cent to $1,748.69 per ounce by 8:42 am. Prices had touched $1,741.86 earlier within the session, their lowest stage since August 12.

Bullion is seen as a hedge towards the inflation and foreign money debasement possible from widespread stimulus. The Fed’s tapering might deal with each these situations, diminishing gold’s enchantment. The Fed is anticipated to open the door to decreasing its month-to-month bond purchases when it meets on Sept. 21-22, whereas tying any precise change to U.S. job development in September and past.

“COMEX gold trades little changed near $1752/oz after a 0.3 per cent decline in previous session. Weighing on gold price is firmness in US dollar amid increased expectations that Fed may chalk out a plan for bond tapering. However, supporting price is choppiness in equities amid increasing concerns about the health of the Chinese economy, inflation concerns and geopolitical issues. ETF inflows also show some buying however the pace was modest. Gold’s sharp fall has dented market sentiment and price may remain under pressure ahead of the Fed’s meeting this week,” Ravindra Rao, Head of commodity analysis at Kotak Securities stated in an announcement.

Internationally, silver fell 1.2 per cent to $22.13 per ounce, after earlier hitting its lowest stage since November 2020 at $22.01.

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