Gold prices see a dip, silver rates fall sharply in Indian markets

When it comes to global markets, the situation was comparatively better as gold prices did not change drastically. Read on to know more.
Gold prices see a dip, silver rates fall sharply in Indian markets.Gold prices see a dip, silver rates fall sharply in Indian markets.
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Gold and silver prices struggled to maintain momentum in the Indian markets on 14 October, Wednesday. As per reports, gold rates saw its first decline in three days and was down by 1.5% at Rs 50,310 per 10 gram. Whereas, the rates of silver fell sharply and plunged by 4%. The plunge saw a dip by Rs 2,500 taking the final rate to Rs 60,641 per kg. 

When it comes to global markets the situation was comparatively better as gold prices did not change drastically. The global gold prices dropped by 0.37% keeping it afloat at $1892.7. Apart from gold, other metal prices also took a slight hit globally. According to a report in Live Mint, silver crashed 3.8% to $24.15 per ounce, platinum dipped by 0.8% to $866.03, and palladium dived 2.8% to $2,334.18. 

Gold this year has risen 25 per cent in global markets and also hit an all-time high in August 2020 with prices at Rs 56,200. In relation to the gold prices, the International Monetary Fund forecasted that conditions for the global economy were "somewhat less dire".  In the coming days, United Kingdom Prime Minister Boris Johnson will be in talks for a European Union trade deal and gold traders will be on the lookout to see what progress is being made and how it affects the larger picture. 

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