Gold prices today inched lower for the second day even on firm global cues. At 9:34 am, the precious yellow metal inched lower on the MCX by 0.17% or Rs. 76 to Rs. 45736 per 10 gm.
On Friday, gold prices also closed on a weak note declining 0.76% or Rs. 349 to Rs. 45812 per 10 gm. Silver however gained 0.39% or Rs. 170 to trade at Rs. 43,293 per kg.
Gold prices in the International Market
Gold in the international market on Monday edged higher to $1706, up 0.3% per ounce. This was largely on fears of a new wave of coronavirus infection as most economies are reopening after an extended lockdown even as dollar and equities remain firm.
South Korea raised concerns of a second wave of infection, also China reported the biggest daily jump in coronavirus cases on Sunday, the most since April 28.
Factors To Dictate Gold Prices going forward
Towards the week end, Federal Reserve Chair will deliver a key note address that shall be another trigger. Earlier on grim economic outlook as the US reported the sharpest decline in payrolls of 20.5 million jobs in April month, gold was hovering close to its highest price in 2 weeks.
Also, there are concerns that rekindling of trade war between the US and China will make the recovery process from the economic slowdown even harder and hence increase prospecr of gold.
Back home, second tranche of SGBs have opened up for subscription today and will close on May 15. Also, various jewellers have gradually begun to open their shops across India including the likes of Tanishq and Sanco Gold.