Gold prices down 0.35% to ₹52,570 per 10 gram, Silver falls 0.8%

|HT|

A day after gold prices hit an intraday high of ₹55,200, metal prices on Thursday fell in Indian markets after a selloff in the previous session. On MCX, gold futures were down 0.35 per cent to ₹52,570 per 10 gram while silver slumped 0.8 per cent to ₹69,039 per kg. In the previous session, gold and silver recorded a slide of ₹1500 per 10 gram and ₹2000 per kg respectively.

Meanwhile, in the global markets, gold extended its losses after it saw a sharp fall in the previous session as risk sentiment improved in the wake of indications that Ukraine is ready for a diplomatic solution with Russia, which launched an invasion of the eastern European nation on February 24.

However, concerns still remain on bullion and other commodities such as oil and wheat--which are coming off their recent highs--owing to the ongoing Ukraine crisis, as well as the threat of an inflationary shock to the global economy.

In Singapore, spot gold fell 0.5 per cent to $1982.31 per ounce at 8:59am after dropping 2.9 per cent a day ago, its highest since January last year. On Tuesday, prices were at $2070.4 an ounce, just $5 short of August 2020's all-time high.

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