Home Business Gold Prices Decline After Global Rates Edge Lower On Profit Booking

Gold Prices Decline After Global Rates Edge Lower On Profit Booking

by the owl speaks

Gold prices in the domestic market retreated lower in line with global rates as well as appreciation in the rupee against the US dollar. On the MCX, April gold futures traded lower by 0.75% or Rs. 327 at Rs. 43,215 per 10 gm at around 11:10 am. In the previous session, the yellow-metal rallied as much as 3% or nearly Rs. 1300 per 10 gm. Silver in line also fell in price with May futures down 0.34% or Rs. 140 to Rs. 41,182 per kg.

Notably, amid the nationwide lockdown announced to arrest the spread of Covid 19, commodity exchanges in India will reduce their trading hours from March 30 till April 14. The trading would commence at 9 am and end at 5 pm, earlier by 6 hours.

In global markets, gold prices today inched lower on profit booking as in the previous session it hit a 2-week high price on Federal Reserve’s economic bailout worth $2 trillion to combat economic fallout due to coronavirus. In the spot market, gold edged lower by 0.5% to $1621.07 per ounce. Nonetheless, the precious yellow metal with gains of more than 8% during this week is on course for its highest weekly gain in over 11 years.

Due to nationwide lockdown imposed to curb the spread of Covid 19 infection, spot gold markets in the country were closed on Thursday.



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