Gold Prices Fall For 4th Day, Plunge RS. 2500 Per 10 Gram This Week


Gold and silver prices in India continued their fall today, extending losses to the fourth day. On MCX, October gold futures were down 0.45% to ?49,293 per 10 gram while silver futures lost 3% to ?56,710 per kg. In four days, gold has lost about ?2,500 per 10 gram so far. In the previous session, gold had slumped 1.9% or ?950 while silver had crashed 4.5% or ?2,700 per kg.

In global markets, gold prices continued their downward movement today, falling to a more than two-month low. Investors remained cautious ahead of US jobless claims data due later in the day while a robust dollar weighed on the precious metal.

Spot gold fell 0.3% to $1,858.08 per ounce. The dollar index was firm near a more than eight-week peak against rival currencies amid signs of an economic slowdown in Europe. A stronger US dollar makes bullion more expensive for holders of other currencies. Eurozone economic activity stagnated in September as a summer recovery faltered because of a resurgence in the spread of the coronavirus.