Gold futures on Tuesday slipped below Rs 51,000 per 10 gram, tracking a muted trend in international spot prices as the US dollar strengthened.October gold contracts were trading lower by 0.43% at Rs 50,843 per 10 gram at 9:20am on the Multi Commodity Exchange (MCX). Silver futures also fell 0.6% to Rs 67,850 per kg.Gold futures had risen 0.7% in the previous session, snapping a three-day losing trend, and silver futures had surged 1.6%. Gold is down over Rs 5,000 per 10 gram from August highs while silver is at about Rs 10,000 per 10 gram lower.Globally, gold prices also slipped on Tuesday, dragged by a stronger US dollar, but the safe-haven metal’s decline was limited by growing fears over the global economic recovery from the coronavirus crisis. Spot gold was down 0.2% at $1,925.09 per ounce by 0320 GMT. US gold futures fell 0.2% to $1,931.20.“Over the past 24 hours, we have seen a stronger US dollar that is something that has weighed a little bit on gold. The $1,900 level in very important for gold right now here,” DailyFx currency strategist Ilya Spivak said, according to Reuters.The dollar index rose against its rivals, making gold more expensive for… Read full this story
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