Gold and silver prices: After trading on the higher side on June 28, 2021, both gold and silver have recorded a marginal dip on the Multi Commodity Exchange (MCX). Witnessing a downfall of Rs 113 or 0.24 per cent, gold futures maturing on August 5 stand at Rs 46,880 per 10 grams.
Gold And Silver Prices Record Marginal Dip
Similarly, the rates of silver futures, maturing on July 5, are trading at Rs 67,869 per 10 grams, recording a dip of Rs 231 or 0.34 per cent. Yesterday, both gold and silver prices jumped on the MCX. While the yellow metal stood at Rs 46,965 per 10 grams on the Multi Commodity Exchange (MCX), silver was trading at Rs 68,014 per kg with a hike of Rs 246 or 0.36 per cent on June 28, 2021.
As per Reuters, hovering near a one-week low hit in the previous session, gold prices edged lower on Tuesday. It was weighed down by a firm dollar and concerns that the U.S. Federal Reserve will tighten its monetary policy sooner than expected.
The spot gold was down 0.2 per cent to $1,775.49 per ounce, after touching its lowest since June 21 at $1,770.36. U.S. gold futures fell 0.3 per cent to $1,775.70, Reuters reported. The report suggests that the dollar hovered below a two-month high against its rivals, making gold more expensive for holders of other currencies.
ED&F Man Capital Markets analyst Edward Meir was quoted by Reuters as saying, “Listless trading was seen in the gold market as few of the market participants were still confused over Fed’s policy outlook.”
Gold is viewed as a hedge against inflation and a Fed rate hike will increase the opportunity cost of holding bullion and dull its appeal. Silver eased 0.4 per cent to $25.99 per ounce on the global market.