Gold Rate Today: Yellow metal hits 7 month low as fall remains unabated. Experts recommend Sell
Bullion prices fell for the eighth session in a row amid an uptick in the dollar index (DXY) following Atlanta Federal Reserve President Raphael Bostic's comment that the rates are likely to remain higher for longer.
On Wednesday, the MCX December gold futures were trading at Rs 56,851 per 10 gram, down by Rs 76, or 0.13%.
Meanwhile, December silver futures were trading at Rs 67,035 per kg, lower by Rs 359 or 0.53%.
The dollar index (DXY) was hovering near 107.14 against a basket of six major currencies, up by $0.14 or 0.13%.
On Comex, gold futures were trading at $1,836 per troy ounce on Wednesday, down by $5.50 or 0.30% while silver futures were at $21.215, lower by $0.162 or 0.760%.
Gold futures are down 1.39% or by Rs 800 on the month-to-date basis while they have gained 3.25% or by Rs 1,784 on the year-to-date basis, Anuj Gupta, Head Commodity & Currency at HDFC Securities told ETMarkets.
As for silver futures, the declines are to the tune of 4.12% or Rs 2,878 in September while the declines this year stand at 3.50% or Rs 2,458, he said.
The ongoing correction brings gold to its seven month lows.
The December gold futures had ended with declines of Rs 676 or 1.17% per at Rs 56,924 on Tuesday while the December silver futures closed lower at Rs 67,402, down by Rs 2,455 per kg or 3.51% on a holiday curtailed trading session.
«On Tuesday, spot gold weakened for the seventh day in a row as the US yields continued to surge.
The ten-year US yields closed 2.37% higher at 2.795%. Two-year US yields were up 0.90% to end at 5.15%.The US Dollar Index at 107.07 was up 0.16%.
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