Yellow Metal, Silver Rates Slide

Yellow metal rates in the domestic markets fell as on the Multi Commodity Exchange, gold October futures slipped by Rs 136 to Rs 47,950 per 10 grams. In the previous session, gold prices had ended at Rs 48,086 per 10 grams.

Silver September futures also fell by Rs 347 to Rs 67,542 per kg. Globally, spot gold fell 0.2 per cent to $1,810.56 per ounce while US gold futures fell 0.5 per cent to $1,813.80.

Commenting on gold trends, Head of Commodity Research at Kotak Securities, Ravindra Rao said, “COMEX gold trades modestly lower near $1,815 per ounce after a 0.3 per cent gain yesterday. Gold is choppy but range bound above $1,800 per ounce amid volatility in equities and US dollar and as market players assess Fed’s monetary policy stance. However, supporting price is rising virus concerns, concerns about slowdown in Chinese economy and mixed economic data from major economies. Gold may remain choppy with larger financial markets but virus concerns and global growth worries may keep prices supported.”