Gold price inches lower for second straight day, silver gains marginally; Check Details Here
On the Multi Commodity Exchange (MCX), October gold futures fell marginally by 0.04 per cent to Rs 52,207 per 10 gram. In the previous session on Friday, gold futures fell 1.5 per cent or by Rs 760 per 10 gram.
NEW DELHI: Gold prices in India fell on Monday for the second consecutive day due to a drop in the yellow metal’s global rates.
On the Multi Commodity Exchange (MCX), October gold futures fell marginally by 0.04 per cent to Rs 52,207 per 10 gram. In the previous session on Friday, gold futures fell 1.5 per cent or by Rs 760 per 10 gram.
Silver futures, on the other hand, increased slightly by 0.35 per cent to Rs 67,403 per kilogram during today’s session. In the last session, silver slumped sharply by 5.5 per cent or Rs 4,000 per kilogram.
Gold has been losing its bling in India since last week; it had tumbled over 4 per cent. Gold prices have come down by Rs 4,000 per 10 gram after hitting a record high in August
The situation is no different in global markets where gold prices fell on Monday after registering the worst week in the past five months.
According to news agency Reuters, spot gold was down 0.5 per cent at $1,934.91 per ounce. It had fallen 4.5 per cent last week — its biggest weekly decline since March. Meanwhile, silver also slipped by almost 0.6 per cent today to $26.25 per ounce.
While a weaker dollar helped gold stabilise from last week’s losses, the situation remains uncertain. It is worth mentioning that a weaker dollar contributes to higher gold prices.
There has been a sharp increase in volatility with respect to gold prices, resulting in damp sentiments among investors. As of now, gold investors are awaiting the US Federal Reserve’s recent policy meeting for finer prints of its latest economic policy stance.[Agencies]