The commodities market in India today witnessed a downward trend in Gold Prices. Gold and silver prices continued to go south in India, reacting to a global selloff in precious metals. On MCX, gold futures fell 1.3% or ₹600 to a four-month low of ₹46,029 per 10 gram while silver shed 1.6% or ₹1,000 to ₹63,983 per kg.
In the previous session, gold and silver had plunged about ₹1,000 and ₹2,000 respectively.
Gold rates in India slumped to ₹1,600 per 10 gram in just 2 days, reacting to global selloff in precious metals
In global markets, gold rates slumped as much as 4.4% today as better-than-expected US jobs data fueled fears that the Federal Reserve would raises rates quicker than expected.
Spot gold were down 2.3% to $1,722.06 per ounce after touched $1,684.37 earlier in the session. Silver was down down 2.6% at $23.70 after slumping much as 7.5% earlier in the session.
“Weak bias for gold is likely to continue while prices stay below $1,788. Next major support is seen at $1,665 a direct drop of which is a short term bearish signal. Likewise, it required to break above $1,835 to trigger recovery rallies in the counter,” domestic brokerage Geojit said in a note.