Gold prices in domestic markets continued to drift lower for the fourth consecutive day on Friday even as the yellow-metal in international markets gained on softer dollar and cautious stance on US-China trade talks.
On MCX, October gold futures quoted lower by 0.4% or Rs 152 at Rs. 37,534 per 10 gms. In line, silver also declined in price by 0.31% or Rs. 145 to Rs. 46, 461 per kg. Notably, gold has fallen by a huge Rs. 2200 from its record highs of Rs. 39,885, logged earlier during the month.
In the spot market, 24 Karat gold in Delhi fell by Rs. 170 as rupee gained strength against the dollar after the FM announced corporate tax rate cut for domestic companies and new manufacturing concerns. Gold quoted at Rs. 38,390 per 10 gm, while silver also declined in price by Rs. 120 to ₹47,580 per kilogram.
Gold in the international markets climbed 0.3% to $1,503.59 per ounce. Earlier this month, gold hit a 6-year high of $1,550 in global markets.
Traders in the bullion market are watchful of the development in US-China trade talks as deputy trade negotiators of the US and China continued one-on-one talk for the first time on Thursday after a nearly two-month break.
Also, weaker dollar supported price of the yellow metal in global markets. The dollar index headed lower against a basket of major currencies today as Fed's meeting non-commital stance on future interest rate cuts weighed.