Yellow metal prices fell again in India on Thursday as on the Multi-Commodity Exchange (MCX), August gold contracts stood at Rs 47,450 per 10 grams. They witnessed a fall for the second time in three days due to weak global trends.
Silver also followed suit and slid, as September futures stood at Rs 67,036 a kilogram.
Globally gold prices fell to almost a week’s low as spot gold was down by 0.3 per cent at $1,798.27 per ounce. US gold futures eased by 0.3 per cent to $1,798.70 per ounce.
“COMEX gold trades marginally lower near $1801 per ounce after a 0.4 per cent decline yesterday. Gold is pressurised by improved risk sentiment and rise in bond yields from recent lows. However, supporting price is persisting virus risks and inflation concerns and expectations that ECB may maintain a dovish stance. ETF investors remain on the sidelines awaiting fresh triggers. Gold continues to hold near $1800 per ounce and buying interest may emerge at lower levels amid persisting challenges to global economy,” noted Ravindra Rao, Head of Commodity Research at Kotak Securities.
Waiting For A Big SCOOP