NEW DELHI, Sept 28 (The Economic Times): Gold and silver prices continued to be under pressure in Indian markets on Monday.
On MCX, gold futures fell 0.4 per cent to 49,460 per 10 gram, extending last week's sharp fall, while silver tumbled 1.0 per cent to 58,473 per kg.
Last week, gold prices in India had tumbled 2,000 per 10 gram in India while silver plunged 9,000 per kg. As compared to is August 7th highs of 56,200, gold is down about 7,000 per 10 gram.
In recent days, gold has been under pressure amid a resurgent US dollar, which is being seen as the preferred safe haven asset amid renewed risk aversion in global financial markets. Global risk sentiment has weakened as rising virus cases especially in Europe have rekindled worries about fresh lockdowns though counties have not yet resorted to large-scale lockdowns.
In global markets, gold prices were steady after last week's battering. Spot gold was little changed at $1,860.19 per ounce as the US dollar rally took a pause. The dollar index was down 0.14 per cent against rivals, after hitting a two-month high last week. A softer dollar makes bullion cheaper for holders of other currencies.
Among other precious metals, silver rose 0.3 per cent to $22.93 per ounce, platinum gained 0.4 per cent to $850.74 and palladium was up 0.1 per cent to $2,217.87.
Gold traders moved to the sidelines ahead of Tuesday's the first US presidential debate between President Donald Trump and Democratic opponent Joe Biden.
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