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