Gold plunges ₹ 614, silver tanks ₹ 1,609

Demand from the Central Bank

Demand from the Central Bank

Silver futures traded 0.59 percent lower at Rs 69,550 per kg. February gold futures on MCX fell 1.4% or ₹700 to ₹50,775 per 10 gram, in its second decline in three days. The price of 24-carat gold in Chennai was Rs 52,410 per 10 gm. Gold rates are lower by Rs 6,000 per 10 grams, compared to August's high of Rs 56,200.Price is so high in global marketsIn global markets, gold fell 0.1 percent to USD 1,911.32 an ounce from a strong USA dollar, but the precious metal is still at a weekly gain of 0.7 percent.

In the global market, gold was trading lower at United States dollars 1,889 per ounce, while silver was quoting flat at USD 26.68 per ounce. Spot gold was down 0.3 per cent to $1,912.86 per ounce.

Global gold inched lower on Friday as the U.S. dollar and Treasury yields firmed, although hopes for additional stimulus in the world's largest economy kept bullion on course for a second straight weekly gain, a Reuters report said. The flow of ETFs reflects weak investor interest in gold.

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"Gold prices witnessed sharp selling on Friday as dollar rebounded", HDFC Securities Senior Analyst (Commodities) Tapan Patel. Gold ETFs are based on the prices of gold and its price also decreases with the subsequent fluctuations in its price.

On Thursday, President Donald Trump conceded that Biden will be the next USA president, a day after his supporters stormed the U.S. Capitol. United States gold futures were up 0.3 per cent at $1,913.90. "Silver may see support at Rs 69,000 level and resistance at Rs 70,600 level", Kedia added.

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