Spot gold prices witnessed a drop of around 0.8 percent on Tuesday, on the back of a stronger dollar, which made gold look more expensive for holders of other currencies.
The yellow metal touched an intra-day low of $1653/oz and closed at $1662/oz on yesterday. On the MCX, Gold December contract ended on a flat note in yesterday’s trading session and touched an intra-day low of Rs26, 625/10 gms.
Holdings in the SPDR Gold Trust, world's largest gold-backed exchange-traded-fund (ETF), remained unchanged at 1,227.994 tonnes by 11th October, but were down by 4 percent so far this year.
Silver
Silver prices gained slightly by 0.1 percent on Tuesday and touched an intra-day high of $32.49/oz. But sharp gains were capped due to dollar strength coupled with fall in gold prices.
Being an industrial metal silver also took cues from downside in base metals which also resisted further gains. The white metal closed its trading session at the level of $32.07/oz yesterday.
On the MCX, Silver December contract rose almost 0.5 percent on account of Rupee depreciation and touched an intra-day high of Rs53,595/kg on Tuesday.
Courtesy: Angel Commodities
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