Gold prices fall for 2nd day, down ₹9000 from peak; silver up
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Gold prices declined in Indian markets for second day despite positive global cues. On MCX, gold futures were down 0.1% to ₹46,762 per 10 gram while silver rose 0.21% to ₹69,490 per kg. In the previous session, gold had inched 0.22% lower while silver fell 1.5%. Gold has been under pressure this year on fears that prospects of a faster economic recovery will ignite inflation and lead to rising lending rates, especially in the US, where Congress is moving forward on a $1.9 billion stimulus plan. In August, gold had hit a record high of ₹56,200 and has been under pressure since then.
silver price was trending at Rs 69,200 per kg, according to the
Good Returns website.
Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes. In New Delhi, the price of 22-carat gold is at Rs 45,410 per 10 gm, while in Chennai it has fallen to Rs 48,050. In Mumbai, the rate is Rs 46,460 according to the
Good Returns website. The price of 24-carat gold in Chennai is Rs 47,760 per 10 gm. Gold prices in the national capital jumped Rs 278 to Rs 46,013 per 10 grams on Monday, supported by a recovery in international prices, even as rupee appreciation capped the price of the precious metal, according to HDFC Securities.
When compared with last year s high, gold is down about ₹10,000 per 10 gram.Benchmark US Treasury yields have risen to a near one-year high, souring the non-interest bearing gold s appeal.
Gold buying surges in India as prices down ₹10,000 from record highs
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Physical gold demand in India witnessed a surge this week as prices dropped close to 8-month lows. On Friday, gold futures on MCX settled near ₹46,190 after a sharp drop of about ₹1,200 this week. After a over 25% surge in 2020, gold prices have corrected sharply this year. So far they are down about ₹4,000 from the start of the year and as compared to August highs of ₹56,200, they remain ₹10,000 lower.
In India, dealers were charging a premium of up to $7 an ounce over official domestic prices, the highest in eight months, Reuters reported. In the previous week, they were charging a premium of up to $5, inclusive of import duty and GST.