Gold, Silver Price Today: Domestic Gold Futures Tank Over 1% to Rs 51,250, Silver Holds Rs 66,900
Gold, Silver Price In India: Domestic gold and silver futures tumbled more than 1 per cent on Thursday tracking a fall in global spot rates. A rise in the dollar after the US central bank pledged to keep interest rates low for a long time made the precious metals more expensive for those dealing in other currencies. Multi Commodity Exchange (MCX) gold futures (due for settlement on October 5) dipped 1.10 per cent - or Rs 572 - to close at Rs 51,252, and silver tanked 2.71 per cent to Rs 66,919.(Track Gold Futures Here)
In the international spot market, gold (Comex) fell as much as 1.64 per cent to $1,938.20 per ounce, whereas silver plummeted 3.89 per cent to $26.41 per ounce. (Also Read: Is Silver The New Gold?)
The dollar index - which measures the American currency against six peers - gained as much as 0.41 per cent on Thursday. The rupee edged lower to end at 73.65 against the greenback.
Back home, spot gold settled at Rs 51,511 per 10 grams for the day, and silver at Rs 65,218 per kilogram, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association.Â
#Gold and #Silver Closing #Rates for 17/09/2020#IBJA pic.twitter.com/BAXLjU2k7d
September 17, 2020Gold has been one of the most consistent gainers through the six months of coronavirus pandemic-led turmoil in financial markets. (Also Read: Gold "Dream Run" May Continue: Analysts)
What Analysts Say
"Gold weakened as the dollar strengthened after the Federal Reserve's policy offered little fresh cues. The US central bank kept interest rate unchanged as expected, maintained an uncertain outlook for the economy, and reaffirmed that interest rates may remain low for a long time, but did not discuss any fresh measures and reemphasised on the need for additional fiscal stimulus," said Ravindra Rao, VP-head commodity research, Kotak Securities.
"Gold may witness choppy trade going forward as market players assess the US central bank's decision. However, its cautious tone on economy and the commitment to low interest rates is generally positive for gold," he said.Â
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
