Tech trail: precious metals | Gold, silver lose sheen

Precious metals lost their sheen and closed on a weak note at the end of September. The strengthening of the U.S. dollar, on expectations the U.S. Federal Reserve could soon begin winding down its eco

Precious metals lost their sheen and closed on a weak note at the end of September. The strengthening of the U.S. dollar, on expectations the U.S. Federal Reserve could soon begin winding down its economic support measures, played a key role in denting sentiment towards precious metals.

As a result, Comex gold fell 3.36% to settle at $1,757 an ounce at the end of September. Comex silver, too, closed on a weak note. The white metal dropped 8.2% to close at $22.05 an ounce.

In the domestic market, MCX gold futures dropped 1.58% to close at ₹46,521 per 10 gm. MCX silver futures witnessed a steeper cut of 5.9% to settle at ₹59,617 per kg at the end of September.