New Delhi: Gold and silver prices fell on Friday March 12, following muted action in the international market. On the Multi-Commodity Exchange (MCX), April gold futures were trading at 0.42% or Rs 188 lower at Rs 44,690 at 11:29 am. May silver futures fell by Rs.415 or 0.61% to Rs 67,130 per kg. Silver futures hit an intraday low of 67,000 rupees today.
Bullion prices rebounded in the international market on Thursday as the dollar weakened after US President Joe Bidden signed a $ 1.9 trillion stimulus bill. However, gold was unable to support the gains, and bond prices fell and stock markets rose. Spot gold closed flat Thursday at $ 1,720 an ounce. As of 11:35 am, spot gold prices were down 0.55% to $ 1,713 an ounce. The price of spot silver fell 1.32% to $ 25,840 per ounce.
It’s worth mentioning here that the spot price of the yellow metal fell to a nine-month low on Monday, but a pullback in Treasury yields helped spark a rebound that put gold on track for a gain. weekly by 1%.
“It’s basically a function of high returns and while returns don’t go up, the problem is they don’t go down, and that’s a problem,” Reuters news agency quoted Stephen Innes, a strategist. Chief Global Markets Financial Services Company Axi. as told.
“Gold is going to hold around $ 1,700… unless we innovate on higher yields.”
Benchmark US Treasury yields climbed, raising the opportunity cost of holding gold, as the dollar rebounded from a nearly a week low.
Investors are now waiting for the US Federal Reserve’s meeting next week to learn about the direction of its monetary policy.