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Gold Prices Fall For Third Day After Scaling To Record New High


In Friday's (June 26, 2020) trade, gold prices declined for the third straight day after hitting record high on Wednesday At 9:12am, gold August contract on the MCX traded lower by a tad Rs. 21 or 0.04% at Rs. 47920 per 10gm. Prices are down just marginally as rising coronavirus cases, raise concerns on slow economic recovery and this supports gold prices.

Gold Prices Fall For Third Day After Scaling To Record New High

On Thursday, internationally too price of gold slipped from their 8-year high as rising corona cases led some investors to sold off their position in different assets in a hunt for cash.

Notably, 24K gold prices inclusive of GST rates have already surpassed Rs. 50000 per 10 gm price. And on the MCX, prices had hit a record high of Rs. 48589 per 10 gm.

International gold rates

Today gold prices have scaled higher in the international markets as on rising corona cases there lingers a threat to swift economic recovery, which increases safe-haven buying of gold, bond among other assets. . Spot gold was up 0.1% at $1,763.48 per ounce, with prices earlier hitting a record 8-year high of Rs.of $1,779.06 per ounce

Also there are hopes of second round of stimulus from Bank of Japan after the country's governor said the second wave could considerably impact the Japanese economy. Global central banks stimulus measures support gold prices. So far this year, in the global markets gold is up by nearly 15%.

All in all while the gold prices shall be supported on the higher side, but there are mixed cues because of which we see bouts of volatility going forward.

Also, corona cases are on the rise both in India and elsewhere with new 17000 cases reported on Thursday, with cases reaching 5 lakh mark here. Also, there is resurgence of corona cases in the US which is pushing states like Texas to reconsider their re-opening plan. Also, more cases are being reported from Latin America and Brazil.

Read more about: gold prices gold
Story first published: Friday, June 26, 2020, 9:48 [IST]
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