Gold in the global markets retreated to one-week low as optimism took over that lockdown restrictions will be lifted and in its wake dollar gained by 0.1%. This makes the yellow-metal expensive for investors in other currencies.
Spot gold was dragged to $16775.92 per ounce with a loss of 0.5%, its lowest price since April 9. U.S. gold futures slipped 0.7% to $1,687.20. In the previous session on Friday, gold fell by 0.1%.
Meanwhile, Asian markets were trading with caution as corporate earnings and economic data will come as a big setback due to the lockdown.
On Monday (April 20, 2020), gold price on the MCX retreated lower to low of Rs. 45,450 after opening at 45,465 per 10gm. Last, the commodity was trading lower by 0.44% or Rs. 199 at Rs. 45536 per 10gm. Silver on the other hand jumped by as much as 0.5% to Rs. 43018 per kg.
In the domestic market, gold was dragged by more than 3% or Rs. 1500 in a single day to Rs. 45735 after earlier hitting highs of over Rs. 47000 per 10 gm on the MCX.