On Tuesday, the gold price fell after it had a sharp rise in previous session. On Saturday, the yellow metal had closed at Rs 38,860 per 10 gram.
According to Live Mint, On MCX, prices of gold futures contracts were down 0.11% to ₹38,187. In the previous session, gold prices had jumped ₹0.65%, after swinging about ₹500 from day's lows. Silver prices were also weak today and were down 0.07% to ₹ ₹44,654 a kg on MCX.
Silver prices also tumbled by Rs 290 to Rs 45,250 per kg from Rs 45,540 per kg. In the international market, gold prices were trading lower at USD 1,464 an ounce, while silver was quoting at USD 16.88 per ounce. International spot gold prices remained in the trading range below USD 1,470 an ounce as round of positive comments on the US-China trade deal cheered investor sentiments.
Hareesh V, head of commodity research at Geojit Financial Services told Live Mint, "Optimism over US-China trade deal eased apprehensions of a further economic slowdown and boosted the market optimism. Increased global economic confidence may reduce gold’s safe haven demand and influence the price of yellow metal. However, growing geopolitical tensions likely to offer lower level support to prices. A weaker could however protect from major selling pressure in domestic gold prices."
On the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 82, or 0.22 per cent, to Rs 37,912 per 10 gram in a business turnover of 1,557 lots. The yellow metal for delivery in February plunged Rs 54, or 0.14 per cent, to Rs 37,931 per 10 gram in 320 lots. Analysts attributed the fall in prices to trimming of positions by investors tracking a weak trend in global market. Globally, gold was trading 0.18 per cent lower at USD 1,465.90 an ounce in New York.
(Inputs from Agencies)
