Gold on Thursday came to an end ₹145 lower at ₹44,715 per 10 grams on the Multi-Commodity Exchange (MCX). Futures also fell ₹715 or 1.1 percent for trading at ₹64,530 per kg.
In the previous session, the yellow metal had closed at ₹It had 44,860 per 10 grams and cash closed at ₹65,245 per kg.
The precious metals have fallen around ₹12,000 from the peaks in the previous year. The safe haven of assets against uncertainty of trade was as high as ₹56,200 per 10 grams in August 2020. Money had also skyrocketed ₹77,800 per kg in August last year when the pandemic hit the global economy.
In the international market, the bullion slipped at $ 1,773 per ounce and was flat at $ 24.97 per ounce.
“Gold prices traded consistently with spot gold prices at COMEX (a New York-based commodity exchange) trading near USD 1,733 per ounce Thursday,” the PTI news agency told the HDFC Securities Analyst (HDFC). Product) Tapan Patel says.
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A strong dollar brought in the gains from the lower bands hitting the lower metal on Thursday. The rise in cost money increased the opportunity to keep the fund interest-free as the dollar rose to a four-month high.
“Bullion could see more upside down pulls if U.S. bond yields remain slow, especially in this dangerous environment with US-Sino tensions starting to push again,” Reuters told said Stephen Innes, chief global market strategist at financial services company Axi.
Financial market sentiment remained low, as reported by Reuters, as the new wave of coronavirus diseases worldwide, particularly in Europe, increased the risk of lockout. The risk from greater restrictions as a result of the rise in Covid-19 and a rise in U.S. taxes changed the outlook for an economic recovery that has been optimistic up to a month earlier.