Gold rates in India near lowest

NEW DELHI, Sept 12 (The Economic Times): Gold prices in India traded near one-month lows when MCX futures fell 0.2 per cent to Rs 50,436 per 10 gram.

Silver futures however rose 0.7 per cent to Rs 55,417 per kg. In global markets, gold remained flat ahead of key US inflation reading.

Spot gold traded held its ground at $1,714.41 per ounce while silver rose 0.7 per cent to $18.91 per ounce. Gold got a boost as the the dollar index hovered close to its lowest level in nearly two weeks.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities, said gold is flat as support from weaker US dollar, China's virus concerns and Europe's energy crisis is countered by monetary tightening stance of Fed and other central banks, continuing ETF outflows and concerns about Chinese consumer demand.

"Gold rates have once again bounced back after taking support near $1700/oz but may struggle with Fed's continuing emphasis on aggressive tightening," he added.