Just three days back, gold prices made a record high above Rs 28,000 per 10 grams and international gold prices also recorded an all-time high of US$ 1911.5 an ounce. But the demand for safe haven receded and corrected as much as 10% over the period of two days.
Spot gold in international trade slipped to $1,707 an ounce, taking losses to more than $200 since it hit a record high of $1,911.46 earlier in the week.
The most traded commodity gold for October delivery on MCX which opened at Rs 26,249 per 10 grams was trading between Rs 25,618 – Rs 25,624 per 10 grams around 4:30 pm IST.
Gold for delivery in far-month April which opened low at Rs 26,924 per 10 grams. It was trading in the range of Rs 26,410 – Rs 26,446 per 10 grams same time.
Spot gold price in domestic trade also slipped to Rs 26,025 per 10 grams.