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Gold Prices Fall Close To Rs. 1000; Scaled To Record Highs In Previous Session

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On the MCX, gold declined close to Rs. 1000 per 10 gm as global equities gained and traded at Rs. 46335.00, down Rs.923.00 (-1.95%). Gold on the MCX on Friday opened at Rs. 46700 per 10gm.

 

Gold in international markets inched lower today as Asian equities saw a rebound, nonetheless overall fears of recession and jobless claims top 5.2 million capped the losses and hence the yellow-metal is on course for its second weekly gains.

Spot gold eased 0.1% to $1,716.56 per ounce by 0045 GMT. US gold futures slipped 0.1% to $1,730.30.

Gold Prices Fall Close To Rs. 1000; Scaled To Record Highs In Previous Session

Also, market players view that gold could move past $1800 per ounce and hit highest level seen in 2011.

Back home also on the back of rising coronavirus cases, gold prices again went higher to scale above Rs. 47000 per 10 gm for the first time ever. But gains were capped due to strength in the dollar against a basket of major currencies.

In the short term it is suggested that dollar will gain appeal and hence the precious metal will lose its sheen and hence there can be a decline in price for some time.

 

GoodReturns.in

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