Gold Silver Price: Today, gold futures in Indian markets were flat at a 10-month low of Rs 44731 per 10 grams, while silver futures rose 1.3 per cent to Rs 66,465 per kg. There has been a steep fall in the price of gold this year. Since the beginning of this year, the price of gold in India has come down by more than Rs 5,000 and the precious metal is cheaper by about Rs 11,500 so far from the high of Rs 56,200 in August.
Gold Price in global markets
Gold prices rose 0.5 per cent to $ 1,708.51 an ounce in global markets today after hitting a nine-month low in the previous session. The strong US dollar and rising bond yields limited gold’s uptrend. Among other precious metals, silver was at $ 25.76 an ounce, while platinum rose 1.1 percent to $ 1,142.60.
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Gold ETF continue to flow
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, hit a 10-month low on Friday. Gold ETFs are based on the price of gold and its price also decreases with the subsequent fluctuations in its price. The flow of ETFs reflects weak investor interest in gold. A strong dollar makes gold more expensive for holders of other currencies.
Kotak Securities said in a note that, ‘At a lower level, gold is support by the monetary policy stance of major central banks, an increase in corona virus cases in some parts of the world, inflation concerns and mixed economic data from major economies Will affect the price of precious metal. ‘
Fiscal measures by central banks and governments around the world to reduce the effects of the corona virus had raised gold prices by more than 25 per cent last year, while silver had risen nearly 50 per cent. Gold is seen as a hedge against inflation and currency depreciation.
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