Gold futures trade at Rs 48,598 per 10 gram on the MCX.
Silver futures trade at Rs 72,199 per kg on the MCX.
The silver saw a downfall of 0.61 per cent on May 20.
Gold and Silver prices: The gold prices in India dipped today after seeing a marginal hike yesterday. With a downfall of 0.30 per cent or Rs 144 on May 20, 2021, the price of gold futures maturing on June 4 stands at Rs 48,598 per 10 gram on the Multi Commodity Exchange (MCX). The price of silver maturing on July 5 stands at Rs 72,199 per kg. It saw a dip of 0.46 per cent.
Yesterday, while the gold price closed at Rs 48,674, it saw a marginal hike. The silver saw a downfall of 0.61 per cent or Rs 447 on May 19, 2021. The prices of gold and silver have been fluctuating constantly this week.
Amid the second wave of COVID-19, the prices of precious metals have been affected in India. Both gold and silver in India are determined by keeping international prices as the basis. Other than that, various factors such as the value of the rupee against the dollar and global demand play a key role in determining the trends observed in the rate of precious metals.
International Prices of Gold and Silver Today:
On May 20, gold prices climbed marginally, aided by growing U.S. inflationary pressure. Gains were curbed as the dollar rebounded and the U.S treasury yields rose after Federal Reserve policymakers hinted at a possible shift in future policy. The spot gold was up 0.4% at $1,877.15 per ounce by 0337 GMT. U.S. gold futures eased 0.2% to $1,877.50.
ED&F Man Capital Markets analyst Edward Meir stated, "What's driving gold and will continue to drive it higher from here is the fact that inflation is now very ingrained. But the U.S. Federal Reserve don't seem to see it."
As per Reuters, gold prices rose more than 1% on Wednesday to their highest since Jan. 8 but pared most of the gains as the dollar index bounced off from a near three-month low and benchmark U.S. Treasury yields rose to a near one-week high after the Fed minutes.
Recent data showing a rise in prices in the United States and the UK intensified concerns over inflation. Gold is seen as a hedge against inflation, but an increase in rates from the Fed will dull bullion's appeal as it translates into a higher opportunity cost of holding the non-yielding asset.
"Weakening bond yield, building inflationary pressure and a softer dollar have brightened the prospects for gold investment demand," ANZ analysts said in a note.
Gold and Silver prices in India
In India, while the gold price in Delhi for 22-carat was Rs 46,830, silver stands at Rs 72,300 per kg. The financial capital of India, Mumbai, saw a slight dip in silver prices as it traded at Rs 72,300 per kg, whereas the gold price stands at Rs 45,660 for 22-carats.
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