Gold and silver prices struggled in Indian markets today amid choppy global trends. On MCX, gold futures prices were today down 0.14 per cent to Rs 37,740 per 10 gram while silver rates were down 0.24 per cent to Rs 46,267 per kg. Gold and silver prices in India have been choppy this month after hitting new highs earlier this month. Gold prices are down Rs 2,150 per 10 gram from their highs of Rs 39,885. Similarly, silver is down Rs 5,220 a kg from its high of Rs 51,489.
In global markets, gold prices have remained choppy over the past few weeks after hitting a six-year peak above $1,550 an ounce. Currently, gold prices are ruling at around $1,506.25 an ounce in global markets.
On the downside, gold prices have been supported by global growth worries, easing monetary policies of major central banks and increased geopolitical tensions, say analysts. The political turmoil in Washington and ETF inflows have also helped support gold prices, resulting in dips being bought into. Gold prices tend to go up on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.
Read EquityPandit’s Nifty Metal Outlook for the Week