Gold prices fall sharply today, first drop in 3 days; silver rates plunge

Among the other metals, silver dropped by 0.8 percent to $27 per ounce.

By Rajan Nath -- September 17, 2020 5:19 pm -- Updated:September 17, 2020 5:30 pm

Amid a decline in global rates, the prices of gold and silver in India have fallen sharply on Thursday.

According to the Multi Commodity Exchange (MCX), the gold futures have declined by 0.85 percent to Rs 51391 per 10 gram while the silver futures have jumped by 1.4 percent to Rs 67798 per kg.

As per the previous session, gold edged up 0.1 percent while silver had closed flat.

Gold, Silver prices swing like a pendulum | PTC News

In global markets, the gold prices eased on Thursday. The spot gold was down by 0.3 percent to $1,954.42 per ounce after hitting around a two-week high of $1,973.16 in the previous session.

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Among the other metals, silver dropped by 0.8 percent to $27 per ounce.

The dollar index increased by 0.4 percent against its rivals, due to which gold is more expensive for the holders of other currencies.

Keeping in view the spurt in incidence of snatching and vehicle theft & Burglary cases, senior officers has issued special directions and instructions to curb and detect this crime. Working on the directions of the senior officers, on 29.6.2020, acting on secret information a team of Police Station-34 Chandigarh led by SI Om Parkash alongwith police party acted promptly under the supervision of Inspector Baldev Kumar, SHO Police Station-34 Chandigarh. The team laid down naka near Dispensary Sector-45 Chandigarh and apprehended two suspects namely Suraj Singh S/o Mohinder Singh & Vinod Baswal S/o Dashrath both Resident of H. No. 228 Dhanas Chandigarh, permanent resident of Badau Uttar Pardesh. With the arrest of these accused case of Burglary has been worked Out Case FIR No. 99 dated 27.5.2020 U/s 380,411 IPC Police Station-34. The accused were produced in court and with their interrogation during police remand, Gold Ornamenents, Crdit Cards, Cheque Book have been recovered from them. The criminals have criminal history having cases of property crime registered against them. The accused are on 2 days police remand. The interrogation of theses accused is going on and many recoveries to be effected from them.

Meanwhile, the Federal Reserve policymakers have signaled that their benchmark short-term interest rate is likely to remain at zero at least through 2023 and possibly even longer.

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The lower interest rates decline the opportunity cost of holding non-yielding bullion.

Kotak Securities said in a statement, "Amid other factors, gold remains supported by mixed US economic data, US-China tensions, and Brexit uncertainty. Delay in US stimulus is also weighing on market sentiment."

-PTC News

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