A stronger US dollar has weighed on gold
Gold ETF inflows continued to remain weak.
Gold and silver prices today extended their decline in Indian markets with precious metals weighed down by a stronger US dollar. On MCX, gold futures fell 0.33% to ₹48,702 per 10 gram in fifth straight day of decline while silver rates plunged 1% to ₹65,866 per kg. In the previous session, gold had declined 0.11% while silver 0.64%. Gold rates are now down about ₹7,500 from their August highs of ₹56,300.
In global markets, gold rates declined today, pressurised by a stronger US dollar. Spot gold eased 0.3% to $1,839.21 per ounce. A stronger dollar makes gold more expensive for holders of other currencies. The dollar index rose 0.12% to 90.745. Overnight, the US Federal Reserve left its key overnight interest rate near zero and kept its monthly bond purchases intact.
