Gold prices down 0.35% today, silver falls 0.8%

A day after gold prices hit an intraday high of ₹55,200, metal prices on Thursday fell in Indian markets after a selloff in the previous session. On MCX, gold futures were down 0.35 per cent to ₹52,570 per 10 gram while silver slumped 0.8 per cent to ₹69,039 per kg.

In the previous session, gold and silver recorded a slide of ₹1500 per 10 gram and ₹2000 per kg respectively.

Meanwhile, in the global markets, gold extended its losses after it saw a sharp fall in the previous session as risk sentiment improved in the wake of indications that Ukraine is ready for a diplomatic solution with Russia, which launched an invasion of the eastern European nation on February 24.

However, concerns still remain on bullion and other commodities such as oil and wheat–which are coming off their recent highs–owing to the ongoing Ukraine crisis, as well as the threat of an inflationary shock to the global economy.

In Singapore, spot gold fell 0.5 per cent to $1982.31 per ounce at 8:59am after dropping 2.9 per cent a day ago, its highest since January last year. On Tuesday, prices were at $2070.4 an ounce, just $5 short of August 2020’s all-time high