Gold Plunges Rs 614, Silver Tanks Rs 1,609

Gold rate today Prices on MCX fell to ₹50,775 per 10 gram

Gold rate today Prices on MCX fell to ₹50,775 per 10 gram

Gold prices fell for the second consecutive day by Rs 628 to Rs 50,421 per 10 gram in the Mumbai retail market on global equity market rally and rupee appreciation.

In the previous trade, the precious metal had closed at Rs 50,377 per 10 gram. Gold in India is well below its August high, that is, Rs 56,200 per 10 grams.

Gold price today fell to Rs 54,160 from Rs 54,650, while silver price was trending at Rs 69,700 per kg, according to the Good Returns website.

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Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Friday following a muted trend in global spot prices amid a firm US dollar and a rise in US Treasury Yields.

Spot gold eased 0.1 percent to $1,911.32 per ounce, but was up 0.7 percent so far this week.

Prices slipped as much as 2.5 per cent after scaling their highest since November 9 on Wednesday, as 10-year U.S. Treasury yields jumped above 1 per cent for the first time since March. A stronger dollar makes gold more expensive for holders of other currencies, while higher bond yields increase the opportunity cost of holding the non-interest yielding gold.

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A sharp rise in USA bond yields and strong U.S. dollar weighed on the gold price.

ETF investors remained on the sidelines. United States gold futures shed 0.1 percent to $1,912.30.

Gold may witness choppy trade as market players counter stimulus measures against optimism about vaccine rollouts, Kotak said. "Silver may see support at Rs 69,000 level and resistance at Rs 70,600 level", Kedia added.

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