Gold prices in India fell today for the second straight day. Gold prices on Tuesday fell Rs 39 to Rs 38,190 per 10 gram in futures trade as speculators reduced their positions amid low demand.
According to Live Mint, today on MCX, gold prices were down 0.09% to Rs 38,172, extending losses to the second day. After the recent decline, gold prices are now down about Rs 1,800 per 10 gram from September highs of about Rs 40,000 per gram. Silver rates were also softer. On MCX, silver futures were down 0.08% to Rs 44,825.
Gold on Tuesday rose Rs 328 to Rs 39,028 per 10 gram, tracking overnight gains in global prices. In the previous trading session, the precious metal had closed at Rs 38,700 per 10 gram. Silver prices also moved up by Rs 748 to Rs 45,873 per kg from Rs 45,125 per kg. In the international market, gold was trading marginally lower at USD 1,470 an ounce, while silver was quoting higher at USD 17.10 per ounce.
Gold price in the country is unlikely to come down in the near future, even as the growth prospects of the auto industry depend on corrective measures, group chief economic advisor of SBI Soumya Kanti Ghosh told PTI.
The prices were ruling at around Rs 39,000 per 10 gram on this Dhanteras, as against Rs 32,690 per 10 gram on the same day in 2018. Gold on Tuesday rose by Rs 328 to Rs 39,028 per 10 gram, according to HDFC Securities.
The civil strife in many countries raises the risk of humanitarian costs, migrations strains in neighbouring countries and together with geopolitical tensions, high volatility in commodity markets, Ghosh said.
