Gold and silver prices in India fell today as US elections headed towards a tight finish. On MCX, December gold futures were down 0.85% to ₹51,160 per 10 gram while silver rates slumped 2% to ₹61,380 per kg. In the previous session, both gold and silver futures had logged gains of over 1% each. In global markets, gold prices today moved lower amid a stronger US dollar.
The greenback strengthened after results showed the outcome of the American presidential election could be closer than polls had suggested. Gold was at $1,894.33 an ounce, down 0.8%.
Among other precious metals silver fell 0.2% to $24.11 per ounce. Platinum dropped 0.5% to $861.90 and palladium fell 1.1% to $2,256.88.
The U.S. dollar likewise reversed early losses and climbed 0.45% against a basket of currencies to 94.071.
Global stock markets wobbled today as results from the U.S. presidential election showed an agonisingly close race with no clear winner yet in sight.
Gold investors are still awaiting the outcome of Federal Reserve and Bank of England meetings this week, which are expected to at least give a nod to further stimulus.
The Reserve Bank of Australia on Tuesday cut interest rates to near zero and boosted its bond-buying program, adding to the unprecedented wave of cheap money flooding the global financial system.
Despite trading in a narrow range over the past few weeks, gold prices in India are up about 30% so far this year, tracking a global rally buoyed by all this liquidity.
“Gold continues to be choppy ahead of the uncertain results of US presidential election and a volatile currency market. Meanwhile, hopes of more fiscal stimulus measures, escalating US–China trade tensions and rising new pandemic cases continues to offer lower level support to the yellow metal,” says Hareesh V, Head of commodity Research, at Geojit.
On the technical side, prices breaking any of the sides (London Spot: $1840-1920 an ounce levels) and would suggest a fresh direction to the metal, he added.
#Gold #prices #today #fall #sharply #record #highs #silver #slumps