Gold Price Today: Yellow metal dips Rs 660/10 gm in 3 days, silver tumbles Rs 2,600/kg
silver December futures contracts were trading at Rs 84,426/kg, down by 0.15% or Rs 128.
Gold prices have fallen by Rs 660/10 gm in the last 3 days while silver has dipped by Rs 2,600 per kilogram.
On Monday, gold and silver settled on a weaker note in the domestic and the international markets. Gold October futures contract settled at Rs 71,601 per 10 grams with a loss of 0.01% and silver December futures contract settled at Rs 84,554 per kilogram with a loss of 0.77%.
Gold and silver extended its fall in a thin volume session. The U.S. markets were closed on Monday. Gold and silver investor’s look cautious ahead of the key U.S. job report as this will decide the fate of the U.S. Fed rate cut in the September policy meetings.
The dollar index and the U.S. 10-year bond yields were also traded steady and the U.S. job data limited gains of precious metals. According to the Fed watch tool 69% chances are for 25 basis points rate cut and 31% is expecting 50 basis points rate cut in September policy meetings. Ceasefire talks between Israel and Hamas also eases the risk premium of precious metals in the international markets.
Today, the US Dollar Index, DXY, was hovering near the 101.74 mark, gaining 0.09 or 0.08%.
“Gold has been declining and is now trading near $2,500 an ounce. The market is focused on the upcoming US employment data, which could impact the Federal Reserve's decision on rate cuts. A weaker labor market might lead to more aggressive rate cuts, which is generally positive for gold,” said Neha
