On October 27, gold trading in the Indian market was flat. As a stronger U.S. dollar and rising bond yields weakened gold’s safe-haven appeal before important central bank meetings, international prices fell from the key $1,800 mark. On the Multi-Commodity Exchange (MCX), at 9.40 am, the 10-gram gold contract fell 0.08% to 47,775 rupees.
December silver futures rose slightly by 0.02% to 65,001 rupees per kilogram. A day ago, due to the appreciation of the rupee and the weakening of the global trend, gold stabilized at 48,171 rupees.
Due to the increase in China’s coronavirus cases and global inflationary pressures, precious metals successfully traded above US$1,800. Domestically, gold retreated from the resistance level of Rs 48,300. The US dollar, which go in the opposite way of gold, rose 0.21% in the previous trading day. U.S. bond yields also rose slightly after falling for two consecutive days. Strong US consumer confidence and new home sales data put pressure on gold and silver prices.
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