Gold prices fell in India markets for the third day in a row as improved global risk sentiment and a stronger rupee put pressure on domestic rates of the precious metal. On MCX, gold futures declined 0.2% to Rs 48,171 per 10 gram while silver rates fell 0.48% to Rs 49,187 per 1 Kg. MCX Gold had hit a lifetime high of Rs 48,982 per 10 gram earlier this week on Wednesday but could not sustain the gains and settled lower.
Gold prices have rallied nearly 24 per cent this year. The precious metal had the best quarter, April-June, in more than four years in terms of price rise.
Gold rates in India, depend on a host of factors including international gold prices, currency rate movements, and also the local tariffs. One of the most important reason for gold prices to go higher is international prices. When international prices of gold move higher, gold rates in India see a change.
Gold price in Indian cities:
According to Goodreturns, In Chennai, Gold was priced at Rs 46,340 (22 Carat), Rs 50,950 (24 Carat). In Mumbai, while 22 Carat Gold was priced at Rs 46,550, the rate of 24 Carat gold was Rs 47,550. In National Capital Delhi, gold was selling at Rs 47,160 (22 Carat), Rs 48,360 (24 Carat).
Likewise, the price of 22 Carat gold in Kolkata, Bangalore, Hyderabad and Kolkata, Kerala and Pune was Rs 47,520, Rs 45,680, Rs 46,340, Rs 44,810 and Rs 46,550 respectively. 24 carat gold was selling at Rs 48,810, Rs 49,830 Rs 50,950 , Rs 48,880 and Rs 47,550 respectively.
Gold steadies as virus fears offset solid U.S. jobs data:
Internationally, the Yellow metal has slipped away from highs as strong US jobs data and hopes for a potential COVID-19 vaccine hampered the safe-haven sentiment among the investors. Spot gold fell 0.1% to $1,773.13 per ounce on Friday while US gold futures shed 0.3% to $1,785.60.
Losses were capped since investors continued to worry about increasing coronavirus cases and trade tensions between the US and China. Earlier this week, on Wednesday, gold prices touched a nearly eight-year high of $1,788.96. Among other precious metals, while platinum rose 0.1% to $803.91, silver was steady at $17.90.