Gold Prices At Record Low: Yellow Metal Trades Below Rs 46,500, Silver Rates Drop

Gold Rates Today: Domestic spot gold closed at Rs 46,644 per 10 grams on Wednesday
Gold Rates Today: Domestic spot gold closed at Rs 46,644 per 10 grams on Wednesday

Gold Price in India: Amid declining prices of the yellow metal, domestic gold futures witnessed a volatile trading session on Wednesday, February 17. In the national capital, spot gold rates plunged Rs 717 to Rs 46,102  per 10 gm amid a decline in global precious metal prices, according to HDFC Securities. Silver prices also slipped by Rs 1,274  to Rs 68,239  per kg, as compared to the previous close of Rs 69,513. Multi Commodity Exchange (MCX) gold futures, due for an April 5 delivery, was last seen trading 0.84 per cent lower at Rs 46,505, having swung between Rs 46,240 and Rs 46,800 during the session compared to their previous close of Rs 46,899. Silver futures were trading lower by 0.58 per cent at Rs 68,967. (Also Read: Is Silver The New Gold?

Domestic spot gold closed at Rs 46,644 per 10 grams on Wednesday, and silver at Rs 68,428 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). In the international market, the yellow metal was quoting lower at $ 1,786 per ounce, while silver was flat at $ 27.10 per ounce.

“COMEX gold trades 0.4 per cent lower near $1791/oz after a 1.3 per cent decline yesterday. Gold is pressurized by recovery in US dollar index from 3-week low, surge in US 10-year bond yield to Feb.2020 high, continuing ETF outflows and sharp correction in platinum price. Gold may remain under pressure unless price rescales $1800/oz level or we see a sharp correction in US bond yields.” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Meanwhile, the rupee settled lower by five paise against the US dollar at 72.74 (provisional) amid muted domestic equities. Brent crude futures, the global oil benchmark, rose 0.55 per cent to $ 58.78 per barrel. Brent crude futures, the global oil benchmark, climbed 0.60 per cent to $ 63.73 per barrel.