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Gold Prices Fell On Risk-On Sentiment As Global Economies Begin To Open Up
After profit booking in India, gold fell in price by as much 3.3% or Rs. 1500 to Rs. 45735 per 10 gm on the MCX. Some respite in rupee's weakness also aided the sentiment.
In the international markets also measures taken to open up the economy after the lockdown to curb Covid 19 also brought down the commodity's price. Also, the encouraging data pertaining to coronavirus treatment aided to the risk-on sentiment which drove investors to risky assets.
Spot gold was down 1.8% at $1686.49, which is over $60 lower than its earlier 7-1/2 year prioce.
Back home, the sovereign gold bonds will open up for subscription from April 20 to April 24 and the issuance shall be made on April 28, a day following the auspicious Akshaya Tritiya which falls on April 26.
Traders in the market anticipate a lukewarm response for the metal amid market uncertainty and high prices which have scaled to Rs. 47000 per 10 gm on Thursday on recessionary pressure.
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