Gold, Silver Prices Decline On Weak Global Cues

Gold, Silver Price today: Gold and silver prices edged lower on Thursday on the back of weak cues from global markets. Gold futures for delivery in October fell as much as 0.32 per cent to hit an intraday low of Rs 46,887 on the Multi Commodity Exchange. In spot market, fine gold with purity of 24 carat was priced at Rs 47,200 per 10 grams, according to India Bullion & Jewellers Association (IBJA). 22 carat gold was priced at Rs 46,070, 20 carat gold was being sold at Rs 42,010, 18 carat gold was being retailed at Rs 38,230 and 14 carat gold was priced at Rs 30,450.

In international markets, gold slipped to hover near two-week lows as a stronger US dollar weighed on prices, while investors sought cues from major central banks as policymakers signalled support for tapering pandemic-era stimulus.

Spot gold fell 0.1 per cent to $1,787.81 per ounce by 9:20 am, after touching its lowest level since August 26 at $1,781.30 in the previous session.

Markets also eyed European Central Bank's policy decision due at 5:30 pm, where it could take a token step towards unwinding the emergency economic aid while still signalling copious support for years to come.

Non-yielding gold tends to gain in a low interest-rate environment, while some investors also view the metal as a hedge against higher inflation that could follow stimulus measures.

Back home, silver prices also edged lower as silver futures for delivery in December fell 0.52 per cent to hit an intraday low of Rs 63,850 on the MCX. In spot market silver was priced at Rs 64,449 per kilogram.