Gold, Silver prices swing like a pendulum
In a major development, the prices of gold and silver fell sharply in Indian markets on Friday. According to the Multi Commodity Exchange (MCX), the gold futures fell by 0.9 percent to Rs 51,306 per 10 gram while the silver futures jumped by 1.5 percent to Rs 67970 per kg.
According to the previous session, the gold increased by 0.7 percent while silver gained 0.52 percent. The prices of gold and silver in India have struggled for direction. The gold and silver prices hit a high of Rs 56,200 and Rs 79,723, respectively, last month.
In global markets, the gold rates fell on Friday while they posted a strong gain in the previous session. Meanwhile, the spot gold was down by 0.3 percent at $1,947.41 per ounce while in the previous session it was $1,965.94.
Among other metals, silver fell by 0.3 percent to $26.84 per ounce.
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As per the report, the European Central Bank (ECB) President Christine Lagarde said that the ECB was watching the exchange rate. Adding, Lagarde said that "it is not a monetary policy tool."
-PTC News
