Gold price in India faces a fall after four days. On MCX, June gold futures were down 0.2% to ₹46,620 per 10 gram, the first fall in four sessions. Silver rates, however, saw a sharp decline. May futures on MCX fell nearly 1% to ₹43,607 per kg. Gold prices have zoomed to record highs in India, hitting ₹46,785 per 10 gram in the previous session. Analysts attributed today’s fall to profit-taking after the recent run-up in prices.
Spot gold rose marginally to to $1,717.20 per ounce with gains capped by a strong US dollar.
Overnight, data showed US retailers suffered a record sales collapse in March due to the outbreak but a flight to safety pushed the dollar higher against its peers.
Among other precious metals, silver slipped 0.6% to $15.38 and platinum fell 1.1% to $770.80.The investment demand for gold continued to rise. The holdings SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.4% to 1,021.69 tonnes on Wednesday.
Virus related development, statements from central banks and governments on economic impact and stimulus measures and the movement of US dollar as well as general risk sentiment will guide the price movement of gold and silver in the near term, say analysts.
