Gold prices droped today, down ₹5,500 from record highs

Gold and silver prices in India struggled for direction amid muted global rates. On MCX, December gold futures were down 50,653 per 10 gram while silver futures edged slightly lower to 61,512 per kg. Gold and silver prices in India have been volatile this week. In the previous session, gold prices edged up 0.3% while silver rates fell 0.3%. In August gold had hit a record high of 56,200 per 10 gram while silver had inched closer to 80,000 per kg.

In global markets, gold prices remained muted today amid a firm US dollar and uncertainty over US stimulus package. Spot gold fell 0.1% to $1,906.39 per ounce and it is down over 1% so far this week. Among other precious metals, silver fell 0.2% to $24.26 per ounce, while platinum rose 0.2% to $866.05.

"Gold may witness choppy trade as market players continue to assess development relating to US stimulus, Brexit and rising virus cases however we expect buying interest to emerge at lower levels as uncertainty about US economy may limit upside in US dollar," they added.

Back in India, the latest tranche of sovereign gold bonds will close for subscription today. The issue price has been fixed at 5,051 per gram of gold. Investors who apply online and make payment against the application through digital mode get a discount of 50 per gram.

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