GOLD MCX UPDATE: Gold and silver prices edged lower in Indian markets, a day after clocking sharp gains. On MCX, gold futures were down 0.33% to ₹45,767 per 10 gram while silver declined 0.28% to ₹65,715 per kg.
Gold price advanced to the highest in more than a week as gains in bond yields and the dollar abated.
Gold MCX Tips Today: Gold yesterday settled up by 1.07% at 45418 as the dollar lost some ground and the yields on U.S. bonds dropped a bit. Data showing an increase in U.S. initial jobless claims also contributed gold’s uptick.
Indian firms that lend against gold are cutting tenors and seeking more collateral to protect against the plunge in prices of the precious metal.
Gold markets went back and forth during the course of the week, forming a bit of a neutral candlestick. However, we did break above the $1800 level at one point which of course is a bullish sign.