Gold, Silver Price Today: Gold and silver rates moved on a sluggish note on Wednesday as concerns that a global recovery from the coronavirus pandemic-related slowdown may not be so soon and hopes on the US-China trade negotiations. Typically, any improvement in investors' risk-appetite hurts precious metal prices as money flows towards capital markets. Analysts say gold and silver prices are expected to move sideways for the time being, taking a breather from all-time highs registered recently. (Also Read: Silver Is Outperforming Gold, Is It The New Gold?)
On Multi Commodity Exchange (MCX), the gold futures contract traded flat and silver futures edged lower, following a positive start on Wednesday. At 12:53 pm, MCX gold futures for a delivery on October 5 quoted 0.04 per cent lower at Rs 50,944, while silver futures were down 0.56 per cent (Rs 357) at Rs 63,650.
Investors awaited a speech from Federal Reserve Chairman Jerome Powell at Jackson Hole on Thursday, which is expected to provide further clarity on the US central bank's view on inflation and monetary policy.
"Gold may continue to witness choppy trade unless we get more clarity on Fed's stance and thereby trend in the US dollar however buying interest may emerge at lower levels," said Ravindra Rao, VP- head commodity research at Kotak Securities.
International spot prices moved in thin trade. While spot gold was stuck in a range of $1,918.10-1,939.30 per ounce, silver barely moved at $26.36-26.83 per ounce.
In the domestic spot market, gold jewellery rate stood at Rs 51,188 per 10 grams and silver at Rs 62,541 per kilogram, both excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
#Gold and #Silver Opening #Rates for 26/08/2020#IBJA pic.twitter.com/wFkWFrsEEm
Gold and silver jewellery prices vary in different parts of the country due to factors such as local taxes and making charges.
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