Gold Price Today: Yellow Metal Rates Down, Silver Also Slides

Yellow metal prices were slightly down in the domestic market as on the MCX gold October futures were trading at Rs 47,392 per 10 grams, down by Rs 33 against the previous close of Rs 47,425.

Silver prices were also down as December futures were trading at Rs 65,175 per kg, down by Rs 117 from the previous close of Rs 65,292 per kg.

In the international market, gold prices stabilised on the hopes of the US Federal Reserve postponing its tapering in its bond purchases. Spot gold went up marginally and reached $826 per ounce while US gold futures eased to $1,828.

Gold imports in August reached its highest in five months due to high demand, while weaker prices spurred jewellers to increase purchases for the upcoming festive season. India imported 121 tonnes of yellow metal last month, compared to 63 tonnes during the corresponding period of last year.

nearly doubled to the highest in five months on strong demand. The weaker prices prompted jewellers to ramp up purchases for the festive season. India imported 121 tonnes of gold in August, compared to 63 tonnes a year earlier.

"COMEX gold trades near $1,829 per ounce, marginally lower from Friday's close. Gold has eased a bit amid a pause in the US dollar's slide and as market players moved to sidelines ahead of central bank meetings this week. Investor interest also remains weak in gold as is evident from ETF outflows. However, supporting price is geopolitical tensions, virus concerns and mixed economic data from major economies. Rise in Indian imports also show improved demand. Gold may remain choppy as market players assess central bank monetary policy however increasing challenges to the global economy may continue to support prices," noted Ravindra Rao, head of commodity research at Kotak Securities.