Mumbai, December 22:Gold and silver prices edged lower in Indian markets tracking a similar trend in international markets. On MCX, gold futures edged 0.5 percent lower to Rs 50,180 per 10 gram in the second decline in three days while silver fell 2 percent to Rs 67,660 per kg.
In the global markets as well, gold rates slipped. The Indian spot gold price on Tuesday was at Rs. 50,380 which grew by 0.02 percent; the rate was lower than the global gold spot growth rate of 0.21 percent. The global spot price is $1881.
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In the global markets, gold slipped today as a stronger dollar offset Gold has climbed over 23 percent this year, mainly driven by a raft of pandemic stimulus measures that stoked fears of inflation. The precious metal is often used as a hedge against inflation.
US Congress approved $900 bn Covid-19 relief package on Tuesday. According to an AFP report, the overwhelming approval in Senate and House of Representatives cleared the way for $900 billion relief package for millions of Americans and businesses battered by the coronavirus. After receiving Donald Trump’s sign it will become a law.
The dollar to rupee conversion today improved to Rs 73 as compared to the previous close of Rs. 74.