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Gold Declines As Investor Flock To Riskier Assets And On Gains In Rupee
As fear sentiments around the lethal corona virus eased to an extent, bullion futures traded with losses of 0.39% or Rs. 157 at Rs. 40085 per 10 gm on the MCX. Silver was however flat at Rs. 45472 per kg.
Firmness in rupee is also softening the price of gold in the domestic market. Rupee was last quoting at 71.19 versus previous day's close of 71.33 per US dollar.
In the international market, gold traded almost unchanged after falling 1% in the previous session as investors awaited the US Federal Reserve's call on interest rates, while taking stock of the likely economic downslide due to corona virus.
Spot gold remained steady at $1,565.69 per ounce by 0134 GMT. US gold futures fell 0.3 per cent to $1,565.10.
A Reuters poll on Tuesday suggested that internationally gold prices will remain above $1500 per ounce levels and further gain in 2021 as geopolitical uncertainty as well as loose monetary policy will increase the investment appeal of yellow metal.
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