EDITOR'S NOTE: Gold and silver have been fluctuating in the same rangebound motion for the last month and a half. Remember, our view on the metals from a dollar perspective may differ from gold and silver across various global markets and in different currencies. Apparently, the metals have been performing slightly better. It’s always interesting to hear analysts and journos mention the correlation between gold and the dollar because, from our perspective, there’s really no causality between the two. Most of the time they’re negatively correlated (one goes up while the other goes down), but there are strong historical instances of both assets rising and falling simultaneously. But take a look at the article anyway. The fundamental reporting is informative and it helps to get an international perspective on these global assets.
Gold and silver prices edged higher in Indian markets, tracking positive global cues. On MCX, gold futures rose 0.45% to nearly two-week high of ₹50,870 per 10 gram. Silver jumped 0.8% to ₹60,444 per kg. In global markets, gold prices edged up 0.2% to $1,825.99 per ounce, following a slight pullback in US bond yields. However, the dollar index was steady. Its strength has put a lid on prices of greenback-priced bullion in recent weeks.
Spot silver firmed 0.2% to $21.18 per ounce, and platinum eased 0.3% to $904.99, while palladium rose 1% to $1,889.67.