Gold and silver prices fell sharply in the Indian markets today in view of the fall in international rates. Gold futures on MCX down 0.6% ₹46,377 per 10 grams while silver prices fell by 1%. Gold had closed flat in the previous session while silver had gained 1.2%.
In global markets, gold prices declined today after the US Federal Reserve signaled to ease its monthly bond purchases. Spot gold was down 0.3% at $1,762.33 an ounce. The dollar index held close to a one-month high, reducing gold’s appeal to those holding other currencies.
Fed Chairman Jerome Powell said the central bank could begin reducing asset purchases in November and complete the process by mid-2222. Fed officials also revealed a growing inclination to raise interest rates next year.
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