Gold Prices Down Rs 7,000 From Record High; Dips Second Time In A Row

Gold is the oldest precious metal known to man, and it has been treasured as a global currency, a commodity, an investment, and simply a thing of beauty for thousands of years. Gold prices in India have become volatile after reaching a five-month high of 49,800 rupees last week. Gold reached a record high of 56,200 in August of last year.

As coronavirus infections continue to fall in India, many states have proposed a gradual economic unlocking process. Retail gold demand in India has been dampened as a result of the lockdowns, but it is likely to recover up gradually.

Gold futures fell 0.31percent to Rs 48840.00 per 10 gram on the MCX, while silver futures fell 0.83 percent to Rs 70945.00 per kg. According to specialists, MCX gold has support at 48,020 and resistance near 49,100.

International Gold

Gold rates fell in foreign markets, owing to a stronger US currency. At $1,886.76 per ounce. However, the precious metal's losses were limited by lower US bond yields.
Silver fell 0.7 percent to $27.58 per ounce, while platinum increased 0.2 percent to $1,164.72 per ounce, among other precious metals.

Spot gold was down 0.2 percent at $1,886.76 per ounce, after climbing more than 1% the previous session, as the United States' May non-farm payrolls fell short of expectations. Because the dollar index increased by 0.1 percent against its peers, gold became more expensive for holders of other currencies.

This week, gold dealers will be paying particular attention to the European Central Bank's decision, which is expected on Thursday. The US consumer price index data will be released on the same day.