Gold price extends fall for fourth straight day, but ends week with marginal gains

London (Feb 28)  Gold prices continued to fall on profit-booking for the fourth consecutive day on February 28. to close at Rs 42,524 per 10 gram in the Mumbai bullion market.

The rate of 10 grams 22-carat gold in Mumbai was Rs 38,952 plus 3 percent GST, while 24-carat 10 gram was Rs 42,524 plus GST. The 18-carat gold quoted at Rs 31,893 plus GST in the retail market.

According to Navneet Damani, Vice President - Motilal Oswal, the broader trend on Comex could be $1,600-1,670 and on the domestic front, prices could hover in the range of Rs 41,800-42,950.

Damani noted that gold prices edged higher in yesterday’s session as worries intensified that the rapidly-spreading coronavirus could turn into a pandemic and derail global economic growth. The nervousness caused global share prices to post the worst week since the 2008 financial crisis with US bond yields slipping below 1.3 levels.