Gold prices today fall to near lowest of this month, after 5-day decline
LONDON (Aug 24) Gold prices remained weak today as firm US dollar and higher US bond yields dampened the safe haven appeal of gold. On MCX, gold futures were down for the fifth straight day to near the lowest of this month. They were down 0.25% to ₹51,350 per 10 gram. Silver futures fell 0.6% to ₹55,144 per kg. In global markets, spot gold was down 0.1% at $1,746.06 per ounce, after falling nearly 3% last week. Among other precious metals, spot silver gained 0.2% to $19.06.
“COMEX gold trades lower weighed down by firmness in the US dollar and higher bond yields. The US dollar index trades near mid-July high supported by safe haven buying amid increasing worries about health of European and Chinese economy and largely hawkish comments from Fed officials,"said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
MintNews
