Gold prices today fall sharply, silver rates slump

Cornelia Mascio
Gennaio 11, 2021

The rate of 10 gram 22-carat gold in Mumbai was Rs 46,186 plus 3 percent GST, while 24-carat 10 gram was Rs 50,421 plus GST.

Gold prices fell Rs 614 to Rs 49,763 per 10 gram in the national capital on Friday, tracking a weak global trend, according to HDFC Securities. Gold fell about 0.85 percent in the previous session after falling by Rs 1,200 per 10 grams on Wednesday.

In the worldwide market, gold was trading lower at $ 1,889 per ounce, while silver was quoting flat at $ 26.68 per ounce. As compared to August highs of ₹56,200, gold rates are down about ₹6,000 per 10 gram.

Prices slipped as much as 2.5 per cent after scaling their highest since November 9 on Wednesday, as 10-year U.S. Treasury yields jumped above 1 per cent for the first time since March. Spot gold was down 0.3 per cent to $1,912.86 per ounce.

Weighing on gold price is sharp rise in U.S. bond yields, say analysts. Gold ETFs are based on the prices of gold and its price also decreases with the subsequent fluctuations in its price. Holdings of the world's largest gold-backed exchange-traded fund or ETF, SPDR Gold Trust, fell 0.4% to 1,182.11 tonnes on Thursday.

The general improvement in industrial demand outlook has lent support to silver prices but ETF outflows show waning investor buying interest at current levels, the brokerage added.

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