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Gold prices fell for fifth day today while silver continued its downtrend in Indian markets, tracking softer global rates. On MCX, June gold futures fell 0.3% to near one-year low of ₹44,300 while silver declined 0.8% to ₹62,617 per kg. In the previous session, gold had declined 0.5% while silver had tumbled 1.7%.
In global markets, gold rates moved lower today after latest official data showed a pick-up in factory activity in China. Spot gold was down 0.1% to $1,683.56 per ounce as data, also pressured by a rise US Treasury yields added further pressure. Higher returns from bonds increase the opportunity cost of holding non-yielding gold. US bond yields had risen to a 15-month month high of 1.776% on Tuesday
Gold Prices Today Fall,
Among other precious metals, silver was steady at $24.01, while platinum rose 0.5% to $1,160.05 and palladium was up 0.7% at $2,607.04.
Motilal Oswal Private Wealth Management remains positive on gold and in its investment strategy for FY22 has recommended that the precious metal be treated predominantly as a hedge against heightened volatility.
Meanwhile, the holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.1% to 1,037.50 tonnes on Monday from 1,036.62 tonnes on Friday.
Gold traders will be closely focusing on the policy announcement in the US where President Joe Biden is expected to unveil his latest multi-trillion-dollar recovery plan for the world’s top economy.
