After edging higher in the Indian market on Monday, the gold and silver are trading on the lower side on May 25, 2021. As per the Multi Commodity Exchange (MCX), gold futures maturing on June 4 stand at Rs 48,425 per 10 gram, witnessing a dip of 0.27 per cent or Rs 131.
On the other hand, the price of silver futures maturing on July 5 stands at Rs 71,510 per kg. Silver, which observed a hike of 0.66 per cent or Rs 472 on Monday, went down by 0.50 per cent or Rs 362 on May 25, i.e. today. The gold market closed at Rs 48,553 whereas silver stood at 71,811 when the market shut on Monday.
Gold, as well as silver futures in India, observed a jump on May 24, 2021. While the gold prices opened at Rs 48,404 per 10 gram, the silver futures traded at Rs 71,049 per kg. Last week, the prices of both precious metals continuously fluctuated on the Indian market.
Even on the global front, after observing a hike of 2% to $1,881.25 per ounce on Monday, the Gold prices edged lower on Tuesday. Prices were down as the hopes of a quick economic recovery lifted demand for riskier assets, although a weaker dollar and lower U.S. Treasury yields limited losses for the safe-haven metal. The U.S. gold futures fell 0.3 per cent to $1,879 per ounce.
The spot gold was down 0.2 per cent at $1,877.26 per ounce by 0106 GMT. As per the reports by Reuters, the dollar was observed near four-month lows against major currencies, making gold cheaper for other currency holders. After a few Federal Reserve officials affirmed their support to keep monetary policy accommodative for some time, the U.S. Treasury long-dated yields also went down to two-week lows.
Some investors view gold as a hedge against higher inflation. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, exclaimed that its holdings rose 0.3 per cent to 1046.12 tonnes on Monday from 1042.92 tonnes on Friday.
GOLD PRICES (per 10 gram, 22Ct)
SILVER PRICES (per kg)
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