Gold prices fall after rising for 3 days, silver rates edge higher, Check new rates here
Gold prices eased in Indian markets on Friday but gained for the week. On MCX, gold futures fell 0.2% to ₹49,209 per 10 gram, snapping a three-day winning streak. For the week, however, gold gained about ₹1,200 per 10 gram, tracking a similar trend in global markets. Silver futures on MCX however edged 0.3% higher to ₹63,848 per kg.
Domestic gold prices also came under pressure on Friday as rupee gained against the US dollar after RBI upgraded its GDP target for the current fiscal year and kept interest rates steady even in the face of high inflation. The rupee snapped its two-day losing streak to close 13 paise higher at 73.80 against the US dollar on Friday. India imports most of its gold requirement.
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The broad range in gold is seen between ₹48,000 and ₹50,250 in domestic markets in near term, he said. In August, gold had hit a high of ₹56,200 in domestic markets.
“Gold has recovered substantially from recent lows and remains supported by weaker US dollar however the gains may extend only once we see pick up in investor-buying or concrete measures on stimulus front,” Kotak Securities said in a note.
(With Agency Inputs)