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Gold, Silver Prices In India Fall Significantly On Global Cues

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Reflecting movement in international markets, gold and silver prices in India slipped significantly on Monday. On MCX, gold futures declined as much as Rs 931 to Rs 37,100/10 grams in trade while silver futures were down by Rs 429 to Rs 44,077 per kg.

Gold, Silver Prices In India Fall Significantly On Global Cues

 

In the international market, spot gold fell by 0.3 percent to $1,459.23 an ounce after reports of revival in China's factory activity and a strong dollar turned investors to riskier assets.

Official Chinese government data released on Saturday showed an unexpected expansion in factory activity in November for the first time after six consecutive months of slowdown.

Purchasing Managers' Index (PMI), a measure of activity in the country's factories, rose to 50.2 in November, up from 49.3 in the previous month, the National Bureau of Statistics said. The 50-point mark separates growth and contraction each month.

The revival of manufacturing activity in the world's second-largest economy and the biggest gold consumer despite pending a trade deal with the US diminished concerns of a slowdown. In times like these, investors prefer parking money in equity markets over safe-haven assets like the bullion.

For close to two years, uncertainty around 20-month long trade spat between China and the US has been supporting gold prices. In 2019 alone, the metal has gained 13 percent in value amid tit-for-tat tariff imposition.

Read more about: gold silver gold price silver price
Story first published: Monday, December 2, 2019, 15:45 [IST]
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