- Gold prices slump ₹2000 per 10 gram in a day
BUSINESS NEWS: Gold and silver prices suffered steep losses on Friday, tracking a sharp decline in global rates. On MCX, February gold futures slumped 4% or ₹2050 to ₹48,818 per 10 gram while silver futures tanked ₹6,100 or 8.8% to ₹63,850 per kg. In global markets spot gold dropped nearly 4% to $1,833.83 per ounce as a jump in US Treasury yields hammered bullion’s safe-haven appeal.
Democrat control of the US Senate has raised the prospects of large stimulus measures, lifting the benchmark 10-year bond yield to its highest levels since March. Further building the case for a significant shot of stimulus, December US nonfarm payrolls data showed the economy shed jobs for the first time in eight months in December.