Gold and silver markets struggled in India today having amid choppy global trends. On MCX, gold futures prices were down to 0.14% to 37,740 per 10 gram whereas Silver was about down to 0.24% to 46,267 per kg.
Gold and Silver market in India have been fluctuating this month after hitting new heights in the market. Gold prices are down 2,150 per 10 gram from the price of 39, 885, silver is down 5,220 a kg from the price of 51,489.
In the global markets, Gold price is been choppy over a past few weeks. Currently, gold prices are ruling at around $1,506.25 an ounce in global markets.
The gold prices in the global market depend on the easing monetary policies of major central banks and increased geopolitical tensions. The political turmoil in Washington and Exchange Trade Fund has helped to bring dips in the gold price.
“Gold has come off recent highs as improved risk sentiment resulted in some correction. However, we expect to buy interest to emerge at lower levels as global concerns are far from over," Kotak Securities told Live Mint.
The World Largest Gold trust SPDR jumped to 924.94 tonnes on Wednesday, up 1.8% from the previous day. Whereas in the global market the silver price has come down in the expectation that industrial metals will get benefit from it if possible.
The recent changes of price in Gold came ahead of the festival seasons to lift a jewellery demand in the market. Physical buying is likely to pick up once the Pitru Paksha or the Shradh period ends this Saturday. Indian prefer to buy Jewellery during festival seasons Especially during festivals like Dussehra and Diwali and wedding-related buying