Gold Price Today: Yellow metal continued with its downward trend in the domestic market
Yellow metal prices continued with their downward trends in the domestic market as on the Multi Commodity Exchange (MCX), gold October futures were trading at Rs 46,346 per 10 gram, Rs 42 down against the previous close of Rs Rs 46,388.
Silver prices also witnessed a sharp fall as September futures were at Rs 62,577 per kg, having fallen steeply by Rs 194 from the previous close of Rs 62,771.
At the international level, gold prices had managed to retain their previous session's gains on Thursday.
Spot gold saw minor changes at $1,750.34 per ounce. US gold futures were flat at $1,753.40.
"COMEX gold trades marginally lower near $1,751 per ounce after a 1.2 per cent gain yesterday. Gold is supported by a retreat in the US dollar index from recent highs, persisting virus concerns and concerns about the health of Chinese economy. However, weighing on price is firmness in equities, lack of ETF buying and some hawkish comments from Fed officials. Gold has bounced back from recent lows however optimism about the US economy may keep the US dollar supported and this may limit any major upside," said Ravindra Rao, Head of Commodity Research at Kotak Securities.
