BUSINESS

Gold Price Remains Weak After Sharp Fall

On MCX, gold futures were up 0.11 per cent to Rs 47265 per 10 gram, while silver rose 0.16 per cent to Rs 63371 per kg. In the previous session, gold had slumped 1.4 per cent or Rs 700 per 10 gram, while silver fell 0.5 per cent. In global markets, gold rates today ticked higher as US bond yields retreated. Spot gold rose 0.2 per cent to $1,770.26 per ounce.

US bond yields had jumped sharply on Friday after data showed retail sales advanced in September, which bolstered expectations for sooner-than-expected tightening of monetary policy by the US Fed. Among other precious metals, silver rose 0.2 per cent to $23.34 per ounce, while platinum eased 0.4 per cent to $1,050.80.

Most equity markets in Asia today retreated along with US futures as surging energy prices cemented worries about inflation. Brent topped $85 a barrel, the highest since 2018. Data released today showed China’s economy slowed in the third quarter, as headwinds from a property slump to an energy crisis and subdued consumer spending weighed on growth.

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