Gold Price Today: Yellow Metal Falls, Silver Also Slides

Yellow metal prices fell in the domestic market marginally on Tuesday as gold futures on MCX traded at ₹ 46,922 per 10 grams against the previous close of ₹ 46,955 per 10 grams.

Silver prices too fell by ₹ 133 per kg on MCX to trade at ₹ 63,384 per kg. At the previous close, the precious metal had stood at ₹ 63,517 per kg.

In the international market, the gold spot price was at ₹ 47,000 while global spot prices went up and stood at $1,816.7 value on Tuesday. 

Globally gold fell slightly on Tuesday because the dollar index was steady near a two-week high while investors also remained cautious ahead of crucial US inflation data due expected later in the day. 

Meanwhile platinum prices also witnessed growth as it grew marginally to $1,078.0 per Troy ounce.

Ravindra Rao, head of commodity research at Kotak Securities, while commenting on gold price trends, said, "COMEX gold trades little changed near $1,793 per ounce after a 0.1 per cent gain yesterday. Gold paused after recent losses as the US dollar came to a halt after testing 2-week high. Correction in bond yields and some ETF inflows also lent support. Also supporting gold price is rising inflation concerns and persisting virus risks."

Experts further said that gold may remain unpredictable due to the expected inflation data.