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Gold prices slump to 4-month low; silver rates down too

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Gold prices fell to its lowest level in four months due to global sell-off in precious metals. On MCX, gold futures fell 1.3 per cent or 600 to 46,029 per 10 gram. Silver too shed 1.6 per cent or 1,000 to 63,983 per kg. In the previous session, gold and silver had plunged about 1,000 and 2,000 respectively.

In the global markets too, gold plunged as much as 4.4 per cent as US jobs data stoked concerns of a sooner-than-expected interest rate hike. The spot gold price on Monday was $1,722.06 an ounce (down 2.3%).

“Gold has failed to recapture the $1,750.00 level and the outlook remains bearish now. Friday’s non-farm payroll data and potentially the US infrastructure bill this week, have put Fed tapering before year-end firmly back on the table,” said Jeffrey Halley, senior market analyst for Asia Pacific at OANDA, reports Reuters.

Silver slumped as much as 7.5 per cent, hitting a more than eight-month low of $22.50 per ounce earlier in the session. It was last down 1.9 per cent.

Platinum fell 0.9 per cent to $971.05, having earlier hit a low since November 2020 of $959.93. Palladium was flat at $2,626.56.


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