On Monday, the gold prices fell for fourth consecutive day after news around the US-China trade deal remained mixed. The silver rates also declined.
According to Money Control, he Multi Commodity Exchange, gold contracts for February traded lower by Rs 47, or 0.12 percent, at Rs 37,652 per 10 gram at 0920 hours. After the latest decline, gold prices in India are now down about Rs 2,400 per 10 gram from their September highs of about Rs 40,000 per 10 gram. In global markets, gold prices were 0.1% higher at $1,460.40 per ounce today, after slumping 1% in the previous session, its biggest one-day drop in a month. Silver was up 0.1% at $16.58 per ounce, after touching its lowest since early August in the last session.
Reuters reported that despite the latest price drop, demand for physical gold was moderate in India last week due to lower than usual wedding season buying.
On the US-China trade front, the news flow was mixed. White House economic adviser Larry Kudlow on Friday that the December 15 deadline for a new round of US tariffs on Chinese goods is still in place but the two sides are talking almost daily to reach an interim deal.