NEW DELHI:
Gold prices were volatile in futures trade on Thursday as an uptick in
rupee offset support from the positive global trend.
In the global markets, the commodity gained strength as Washington slapped sanctions on Chinese telecoms giant
Huawei, denting the optimism for a possible US-China trade deal.
The rupee climbed 12 paise against the US dollar today. A strong rupee against the dollar brings gold prices down and spurs consumption in the country.
Lower demand by jewellers at spot markets also weighed on the yellow metal.
As per a PTI report, gold prices on Wednesday dropped by Rs 135 to Rs 33,260 per 10
gram in the national capital on lacklustre demand from jewellers.
Meanwhile, government data showed gold imports rose by 54 per cent to $3.97 billion in April.
Silver also declined on reduced order by coin makers and industrial units.
The MCX Gold was trading at Rs 32,260 per 10 grams, up Rs 1, while MCX Silver was trading at Rs 37,488 a kilo, lower by Rs 29 around 11:15 am.