Gold prices fall, silver rates rise

Gold prices edged lower today amid profit-taking at higher levels and a pullback by the rupee against the US dollar. On MCX, April gold futures declined 0.15% to Rs.43,676 per 10 gram. But silver futures edged higher, rising 0.16% to ?46,198. In the previous session, gold prices had corrected sharply by Rs.550 per 10 gram. The rupee today rose to 73.80 per US dollar against previous close of 74.08. In India, gold prices include 12.5% import duty and 3% GST.

In global markets, gold pricestoday rose after a seeing a steep fall in the previous session. Spot gold rateswas up 0.4% at $1,656.37 per ounce after falling nearly 2% in the previoussession. Among other precious metals, silver rose 1.3% to $17.08 per ouncewhile platinum was up 0.8% to $875.37.

   

Goldcan move towards Rs.44,000 while taking support near Rs.43,500 while silver canrise towards Rs.46,800 while taking support near Rs.46,200, SMC Global said ina note. US equity futures today retreated as investors awaited details onstimulus measures to counter the coronavirus impact.

Gold prices have rallied this year in India, hitting a newhigh of about ?45,000 per 10 gram earlier this month. The price rally hashowever hit physical demand of the metal in domestic markets. But investmentdemand has surged with gold ETFs in India seeing a net inflow of about ?1,500crore in February, taking the total asset base to Rs.7,926 crore.

Holdings of SPDR Gold Trust, the world’s largest gold-backedexchange-traded fund, fell 0.2% to 962.03 tonnes on Tuesday.

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