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Gold, silver prices fall sharply as $ holds gains

(This story initially appeared in on Aug 12, 2020)

Chennai: Gold and silver prices fell for the third day in a row, amid the greenback holding on to gains and Russia’s announcement of a Covid-19 vaccine. Spot value for 24 carat gold in India fell over 5% to Rs 52,440 per 10 gram, whereas the worth for 22 carat was Rs 48,091. The value of silver too declined, was down 7% to fall beneath the Rs 70,000-level per kg on Tuesday.

Kotak Securities EVP Shrikant Chouhan mentioned: “As gold fee fell for the third day in a row, traders might have locked in earnings following a document run. The present gold rally has been supported by traders, who noticed the yellow metallic as a protected haven amid the uncertainty attributable to the pandemic. This fall may be attributable to Russia’s announcement of a potential vaccine for Covid-19.”

The US index rose after US President Donald Trump thought of reducing taxes on capital gains. Often, gold tends to realize when rates of interest are low and political and financial uncertainties are excessive.

Late within the night, gold futures for September supply on MCX have been down 5% or Rs 2,716 at Rs 52,528 per 10 gram, whereas the worth of silver futures, additionally for September supply, was down 7% or Rs 5,469 at Rs 69,925 per kg.

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