Domestic rates in both gold and silver observed declines today, making the 3rd day in a row. October futures displayed through MCX declined 0.4% to Rs 50,180 per 10 gram and silver futures plunged 1.6% to Rs 60,250 per kg. Valuable metal costs have dropped heavily this week throughout the globe as investors put concern on the safety of the US dollar. Gold rates sunk nearly Rs 100 last sessions, crossing Monday’s Rs 1,200 decline. Silver likewise went lower on Tuesday, contributing further to its Monday’s Rs 6,000 loss.

 Since the high record of Rs 56,200 previous month, gold is now lesser by nearly Rs 6,000 per 10 gram domestically. Internationally, gold rates were slightly altered today, weighed down by a firm US dollar. Meanwhile, renewed US-China tensions and concerns over economic recovery facilitated the yellow metal at lower levels. Spot gold was somewhat altered at $1,902.04 per ounce. Compared with additional metals, silver dropped 0.6% to $24.26 per ounce, platinum gained 0.3% to $869.64 and palladium fell 0.8% to $2,203.15.

The dollar index hit an eight-week peak against other currencies. A firmer dollar adds to gold’s higher cost for holders of other currencies. Gold is regarded as a safe-haven asset which gains in time of economic and political uncertainty. Although there exists weaker risk sentiment, gold prices have trended lower this week as investors sought the safety of the US dollar and moved out of commodities and equities.

 Suggestions through analysis are that with US dollar viewed as the required asset right now, gold may nevertheless profit from haven purchase should international risks further intensify. “We expect buying to emerge at lower levels as concerns about US economy may limit upside in US dollar,” Kotak Securities said in a note.

 Newer curbs have been imposed in the UK to counteract the second wave of COVID-19. Investors stayed on the sidelines even with recent price decline. ETF Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.05% to 1,278.23 tonnes on Tuesday.