Dhanteras 2021: Gold, silver prices fall today. Check out latest rates – Mint

Home / Markets / Commodities / Dhanteras 2021: Gold, silver prices fall today. Check out latest rates

Dhanteras 2021: Gold and silver edged lower today in Indian markets, tracking weak global cues. On MCX, gold futures were down 0.17% to 47,822 per 10 gram while silver futures dipped 0.25% to 64629 per kg. Jewellers are expecting strong sales during the Dhanteras-Diwali festive period as economy recovers and covid cases decline. Lower gold prices as compared to last year’s levels are also expected to support buying. 

Gold rates were hovering around 50,500 during Dhanteras last year after touching a record high of 56,200 in August last year. 

With Indian economy on the mend, jewellers expect to clock strong sales this year during the Diwali festive period. 

“This year the festive mood is strong with the pandemic remaining under control, lower gold prices and strong wedding season. This year October-November months will account for 40 per cent of yearly sales,” All India Gems and Jewellery Domestic Council chairman Ashish Pethe told Press Trust of India.

In global markets, gold rates edged lower today, pressurized by a stronger US dollar that makes bullion less appealing for holders of other currencies. Investors also remained cautious ahead of two-day Fed policy meet stating today. Spot gold was down 0.2% at $1,789.58 per ounce.

Among other precious metals, silver today fell 0.2% to $23.98 per ounce while platinum dropped 0.7% to $1,056.58.

Many analysts say that festive season demand for gold in India could support the precious metal at lower levels. 

“Prices continue to stay firm but unlikely for major rallies in the immediate run. A stronger US currency, optimistic global economic sentiment, and expectations of tapering off stimulus measures by Central banks continue to put pressure on safe assets like gold. A steady equity and limited physical buying from major consumers like India also influencing the short-term outlook of the commodity. However, a weak Indian Rupee and festive season demand would limit major selloffs in domestic prices,” said Hareesh V, Head of Commodity at Geojit Financial Services.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!