Gold and Silver Prices Fall Today; Biggest Drop in 7 Years: Check Details

As a sigh of relief to common people, gold prices in India fell as the volatile ride continued in global markets.

As per LiveMint report, on MCX, October gold futures dipped 0.4 percent ₹52,036 per 10 gram, which was the second decline in three days. Silver futures on MCX rose 0.4 percent to ₹67050 per 10 gram. 

Also, in the previous session, gold prices had edged 0.7 percent or ₹350 higher while silver advanced 0.06 percent amid a volatile ride. Coming back to this week's rate, on Tuesday (August 11), gold futures on MCX had collapsed nearly 6 percent or ₹3,200 per 10 gram. Last week gold had crossed ₹56,000 on its way to record highs.

Meanwhile, Geojit Financial Services in a note said, MCX gold futures have support in the zone of ₹50450/49200 while on the upside resistance at ₹53600. However, in the global market, gold prices today edged higher after Tuesday's 6 percent drop, it has become the biggest fall in seven years. 

Looking into spot gold, traded 1 percent higher at $1,936.29 an ounce. Last week, gold had rallied to an all-time high of $2,075.47. Meanwhile, silver has also been on a roller coaster ride. Silver for immediate delivery rose 0.3 percent to $25.5884 an ounce, after a 2.9 percent gain on Wednesday and 15 percent slump on Tuesday.

Currently, gold is seen as a hedge against inflation and the fear of currency debasement. Ever since Russia announced the world's 'first' covid vaccine, experts and analysts remain bullish on gold despite the recent volatility in prices that has led to profit-taking.