Ravindra Rao, VP-Head Commodity Research at Kotak Securities, expects gold to trade sideways until there is more clarity on US stimulus
Silver prices drop Rs 484 to touch Rs 62,779 per kg.
Silver prices jumped Rs 1,085 to Rs 63,263 per kg from its closing on October 20.
Spot gold will average $1,788 an ounce this year and $1,965 an ounce in 2021, the median forecasts returned by the poll of 42 analysts and traders showed.
The White House and Democrats in the U.S. Congress moved closer to agreement on a fresh coronavirus aid as President Donald Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party.
Silver prices dropped Rs 362 to Rs 62,178 per kg from its closing on October 19.
Switzerland is a major gold refining and transit centre, while London is a storage and trading hub where investors around the world hoard gold.
Spot gold fell 0.2% to $1,901.16 per ounce by 0335 GMT. U.S. gold futures were down 0.3% at $1,905.20.
Spot gold fell 0.3% to $1,901.87 per ounce by 1:32 p.m. EDT (1732 GMT). Bullion is down 1.4% so far this week. U.S. gold futures settled 0.1% lower at $1,906.40.
It makes sense to tactically invest in gold this Dussehra and be a smart investor. Based on your risk profile, consider allocating around 10% to 15% of your entire investment portfolio in gold.
Silver prices jumped Rs 1,399 to Rs 61,558 per kg from its closing on October 15.
Experts are of the view that investors can look to buy the yellow metal on dips for a target of Rs 50800-51000 per 10 gm.
The gold/silver ratio currently stands at 84.21 to 1, which means the amount of silver required to buy one ounce of gold.
Silver prices plunged Rs 1,458 to Rs 60,738 per kg from its closing on October 13.
Silver prices declined Rs 418 to Rs 62,188 per kg from its closing on October 12.
"There is a rebound in the dollar index. In the absence of further dollar downside, gold bulls are feeling a little jittery at the moment," said Howie Lee, an economist at OCBC Bank.
Silver prices climbed to Rs 62,606 per kg from its close on October 9. The trend in the US dollar has been a key price-determining factor for gold in the last few days, with a focus on the expected stimulus from the US government.
Spot gold slipped 0.1% to $1,928.06 per ounce by 0329 GMT, after hitting its highest level since Sept. 21 at $1,932.96 earlier in the session. U.S. gold futures were up 0.4% at $1,934.10.
A couple of days ago, the rumour reportedly spread like wildfire about gold coins pouring from the sky during rainfall near Anekal’s at around 4 pm
Sovereign gold bonds will be issued in five more tranches in the 2020-21 fiscal year.
The issue date for the seventh tranche of sovereign gold bonds is October 20. The government will conduct issuance of the bonds in five more tranches during the FY21.
Silver prices plunged Rs 2,240 to Rs 58,872 per kg from its closing on October 6
Earlier in the day, spot gold hit its lowest since Sept. 28 at $1,872.66 per ounce. Bullion prices climbed 0.3% to $1,882.12 by 0345 GMT.
Navneet Damani of Motilal Oswal, said the broader trend on COMEX could be in the range of $1,895-1,930 per troy ounce. "In the domestic market, prices could hover in the range of Rs 50,220-50,950."
Market uncertainty over US stimulus and surging coronavirus cases has kept premium high in bullion prices