Gold Price Today: Yellow Metal Slides, Silver Also Down

Yellow metal prices slid on Tuesday as on the Multi Commodity Exchange (MCX), gold August futures were trading at Rs 47,450 per 10 gram, as against the previous close of Rs 47,461.

Silver September futures also fell by Rs 102 to trade at Rs 67,019 per kg. In the previous session, silver futures had ended at Rs 67,121 per kg.

In the international market, gold prices showed some steadiness but traded below the $1,800 per-ounce level, owing to cautiousness shown by investors ahead of this week's US Federal Reserve meeting outcome. Spot gold was flat at $1,798.61 per ounce. US gold futures fell 0.1 per cent to $1,797.80 per ounce.

Commenting on gold price trends, Head Commodity Research, Kotak Securities, Ravindra Rao said, "COMEX gold trades marginally lower near $1796 per ounce after a 0.1 per cent decline yesterday. Gold is pressurized by continued strength in the US equity market, uncertainty about Fed's monetary policy and continuing ETF outflows. However, supporting prices are rising virus cases, disappointing economic data, concerns about Chinese economy and increased US-China tensions and a jump in Chinese imports. Gold may witness choppy trade amid positioning ahead of Fed decision however global growth worries and virus concerns may keep price near $1800 per ounce.”