Today’s gold prices have plummeted to a four-month low, while silver rates have also plummeted

In India, gold and silver prices fell further, following a global selloff in precious metals. Gold futures on the MCX slid 1.3 percent, or 600 points, to a four-month low of 46,029 per 10 grams, while silver futures sank 1.6 percent, or 1,000 points, to 63,983 per kg. Gold and silver both fell by roughly 1,000 and 2,000 points in the previous session.

Gold prices fell as much as 4.4 percent today on global markets, as better-than-anticipated US job statistics stoked expectations that the Federal Reserve will hike rates sooner than predicted. After touching $1,684.37 earlier in the session, spot gold was down 2.3 percent to $1,722.06 per ounce. After falling as much as 7.5 percent earlier in the session, silver was down 2.6 percent at $23.70.

“Gold’s bearish tendency is likely to persist as long as prices remain below $1,788. The next key support level is $1,665, which represents a short-term bearish signal. In order to ignite recovery rallies in the counter, it needed to break above $1,835 as well “Geojit, a domestic brokerage, wrote in a note.

Employers in the United States recruited the most people in nearly a year in July, according to data released on Friday, and wages continued to rise. The news lifted the dollar and 10-year Treasury yields, weakening gold’s appeal as a safe haven against inflation.

Gold was also pulled down by weak ETF flows. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, saw its holdings fall to 1,025.28 tonnes on Friday, down from 1,027.61 tonnes the day before.

This month, gold has been under pressure due to investor concerns that the US economy is strengthening and inflation is rising, prompting the Fed to withdraw its enormous economic stimulus.

“The US Dollar Index rose sharply after the Non-Farm Payrolls report showed that the US economy added 943,000 jobs in July. In the meantime, Treasury rates are rising as speculators predict that the Federal Reserve would reduce its asset buying programme in 2021. In addition, the Gold/Silver ratio increased, returning to the previous week’s high level, and settling near 7 2.45 this week.

 The bond’s issue price of $4,790 per gram is based on the India Bullion and Jewellers Association’s simple average closing price for gold of 999 purity for the last three business days of the week preceding the subscription period, from August 04, August 05, and August 06, 2021. Investors who apply online and pay online receive a 50 percent discount per gram.

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