On Wednesday (May 6, 2020), gold prices in the futures market slipped for the second consecutive day by Rs. 66 or 0.14% to Rs. 45685 per 10gm.
Gold has been declining in price as economies worldwide are opening up gradually after the coronavirus led lockdown which increases appetite for riskier assets. Also, firmness in the dollar has also weighed on the price of the yellow metal.'
In the bullion market in Mumbai gold on Tuesday inched lower in price by Rs. 356 to Rs. 45557/ 10 gm. 22 K and 24K gold was priced at Rs. 41730 and Rs. 45557 per 10 gm, respectively plus 3% GST.
Outlook for gold both internationally and domestic markets
As the gold prices remain supported due to the resurfacing of US-China tariff threat and still opening up of economies has lifted risk-on sentiment, gold internationally may trade between $1,680-1,725 per ounce.
In the domestic markets gold is slated to trade between Rs 45,170-46,000 per 10 gm.