Gold Prices Fail To Recover From 6-Month Lows

Business

oi-Sunil Fernandes

Gold prices fell in the Indian markets, as international prices dropped.

By Sunil Fernandes

Published: Friday, December 2, 2016, 13:02 [IST]

Gold prices in India, which fell sharply to 6-month lows, following a global rout of the precious metal, continued their decline in trade.

Gold, which fell to as low as Rs 28,850 per 10 grams, dropped by another Rs 50 in trade. The precious has been on a constant slide in the last few weeks, following the Trump election.

The reason for the fall in the precious metal is the fact that interest rates in the US could rise later when the US Fed meets in mid-December. Bond yields in the US are already rising and this has had a cascading effect on gold prices.

Silver too fell in the global markets, dipping below the Rs 41,000 mark. Check gold rates in Indian cities here

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