Gold, Silver Price Today: Gold Futures End Volatile Day Higher At Rs 52,220, Silver Dips To Rs 66,772

1. The October 5 gold contract settled with a gain of 0.56 per cent - or Rs 291 - at Rs 52,220, and the September 4 silver contract closed at Rs 66,772, down 0.24 per cent (Rs 162) from its previous close. (Track Gold, Silver Prices)
2. In the international market, gold broke above the $1900 per ounce mark, rising about 1 per cent to $1,929.63 per ounce a day after its steepest fall in more than seven years, and earlier in the Asian session.silver gained 0.9 per cent to $25.02 per ounce.
3. Analysts say a resurgent dollar prompted investors to reassess their positions in the precious metals after a record-breaking price rally. 
4. "After days of upmove, gold has finally shown some correction and a drop below $2,000/oz has led to extended losses... With the selloff, the momentum has weakened and we may see some extended losses," said Ravindra Rao, VP-head commodity research at brokerage Kotak Securities.
5. The dollar index - which gauges the greenback against six currencies - also fluctuated, and was last seen trading 0.24 per cent lower, having risen as much as 0.30 per cent earlier on Wednesday. Strength in the US dollar makes gold more expensive for those trading in other currencies, amid a mixed trend in Asian markets.
6. Back home, the closing rate of gold jewellery stood at Rs 52,626 per 10 grams excluding GST, and that of silver at Rs 65,749 per kilogram, according to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body. Gold jewellery prices vary in different parts of the country, due to factors such as taxes and making charges.
7. Meanwhile, domestic equity markets closed lower, with the Nifty 50 snapping a six-day winning streak, dragged by pharmaceutical and energy stocks, although a stronger finish by public sector banks helped limit losses. The S&P BSE Sensex index fell 0.10 per cent to 38,369.63, and the broader NSE Nifty 50 benchmark ended down 0.12 per cent at 11,308.40.
8. "The fierce rally that was witnessed in gold and silver finally came to an abrupt halt on Monday, with both commodities trading viciously lower and silver closing at the lower circuit level on MCX. The reason behind the fierce selling was attributed to the positive news around the development and registration of a COVID-19 vaccine in Russia," said Rahul Agarwal, director at Wealth Discovery, a Delhi-based financial services firm.
9. Gold has been one of the most consistent gainers through the six months of coronavirus-led turmoil in financial markets, benefiting from a flood of capital into the world economy and investors seeking a relatively safe location to park money with interest rates at or near zero. Typically, any sign of uncertainty in the financial markets boosts the appeal of gold as a safe-haven bet, as investors rush away from riskier asset classes. (Also Read: Gold's "Dream Run" May Continue, Say Analysts)
10. "In spite of the selloff witnessed in the last two trading sessions, both gold and silver are up approximately 8 per cent and 35 per cent for the month... In dollar terms, gold managed to hold $1,860 per ounce level which will now serve as a crucial support in the near term; for silver, it is $23 per ounce," Mr Agarwal added.

#Gold and #Silver Closing #Rates for 12/08/2020#IBJA pic.twitter.com/ZIaLumEfU3— IBJA (@IBJA1919) August 12, 2020