Gold down by over Rs 9,000 from its peak
Gold prices in India on Friday fell again as gold futures on the Multi Commodity Index (MCX) traded at ₹47,474 per 10 gram with a drop of 0.1 per cent. Silver futures on MCX rose 0.48 per cent to ₹68,821 per kg.
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In the previous session, gold prices for April had slipped by ₹59 or 0.12 per cent to ₹47,954 per 10 gram, as reported by PTI.
The prices of the bullion in the country are down by over ₹9,000 from its last year’s peak of ₹56,200.
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Gold saw its prices decline in the international market as well. The rate of spot gold fell 0.22 per cent to $1,820.86 per ounce, while US gold futures dipped 0.19 per cent to $1,823.30, as reported by Bloomberg.
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The decline in the prices of gold comes in the backdrop of a rise in 10-year US Treasuries yield. The largest cryptocurrency Bitcoin climbed again to a new high after BNY Mellon offered its custodian services for the digital asset, as reported by Bloomberg.
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“Gold may continue to reflect the trend in the US dollar with a focus on global virus situation as well as US stimulus and central bank monetary policy stance. However, we are seeing some signs of exhaustion near $1850/ounce level and a small correction can’t be ruled out if the US dollar manages to regain some lost ground,” the Mint reported Kotak Securities as saying.
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The demand for gold is expected to rise with on the occasion of Lunar New Year in China and the reduction in import duty as per the Budget 2021-22 in India.(HT)