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Gold Silver Rates Continued to Tumble

Gold prices today edged lower in India while gold silver rates continued to tumble. On MCX, October gold futures were trading 0.07% lower at ₹38,527, down over ₹1,300 from last week’s highs of ₹39,885. Silver futures on MCX fell 0.51% to ₹47,640 per kg, continuing their recent slump after hitting ₹51,489 last week.

In global markets, gold traded 0.2% higher today at $1,509.81 an ounce while spot silver dipped 0.6% to $18.04 per ounce. A planned resumption of trade talks between US and China has improved global risk sentiment and put downward pressure on gold prices.

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Risk sentiment was also supported by comments from Federal Reserve Chair Jerome Powell that the US central bank would continue to act “as appropriate” to sustain the economic expansion.

Gold traders now await the European Central Bank’s meeting later this week amid hopes it would cut interest rates.

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On the technical side, gold has come under pressure after failing to break past the $1555/oz level, says Kotak Securities in a report. However, many analysts still hold on to their positive stance on gold, saying global growth worries and US-China trade concerns are far from over.