Gold prices fall for second day to Rs 49,002/10 gm on stronger rupee, ETF outflow; silver slips
Mumbai-India (Jun 3) Technically, International Gold is trading with bearish momentum near $1,900 levels and may continue to decline.....
The value of August and October’s contracts traded so far is Rs 3,039.01 crore and Rs 533.77 crore, respectively.
Gold prices slid for the second day by Rs 216 to Rs 49,002 per 10 gram at Mumbai retail market on firm rupee and weak global trend. The yellow metal was pressured by an uptick in Treasury yield and dollar following Fed officials' comment on tapering stimulus and ETF outflow.
The rate of 10 gram 22-carat gold in Mumbai was Rs 44,886 plus 3 percent GST, while 24-carat 10 gram was Rs 49,202 plus GST. The 18-carat gold quoted at Rs 36,752 plus GST in the retail market.
Market participants continue to look at economic data and central banks comment to gauge whether economic growth and inflationary pressures are strong enough to warrant monetary tightening by central banks.
The beige book survey released by Fed showed optimism regarding US economic growth even after inflation concern and hiring difficulties.
The US dollar jumped to 90.12, up 0.25 percent against a basket of six rival currencies.
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