Gold Price Falls for Second Day; Biggest Decline Since March: Check Rates!

Amid weakness in global markets, gold prices continued to fall for the second straight day. Gold prices had fallen 4.5 percent in the previous week and marked its biggest decline since March. 

As per Financial Express report, gold prices have been trading volatile in domestic markets after hitting a new all-time high of Rs 56,191 per 10 gram on August 7. With recent updates, gold October futures were trading down Rs 370 or 0.70 percent at Rs 52,252 per 10 gram, while silver September futures were ruling at Rs 67,440 per kg, down Rs 523 or 0.77 percent on MCX. 

“Today we are seeing profit booking in gold and silver due to no physical demand on higher levels and people are selling gold to book profit on higher levels,” said Anuj Gupta, DVP- Commodities and Currencies Research at Angel Broking.

“Sell gold at Rs 52,600 level with a stop loss of Rs 53,100 for target price at Rs 51,700 per 10 gram. Also sell silver at Rs 68,000 per kg, with the stop loss of Rs 69,700 and target of 64,500 levels,” Anuj Gupta added. Looking into the previous session, gold prices fell 1.77 percent or Rs 949 to close at Rs 52,622 per 10 gram, while Silver prices dropped 2.22 percent to settle at Rs 67,963 per kg, Financial Express further reported. 

“The yellow metal fell as the Trump administration said a smaller coronavirus bill could be reached, of around $500 billion as against anything between $1 to $3 trillion. The dollar rebounded hence sentiments would be weak during intraday,” said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers. 

Checking into the retail gold rate in India: 24-carat gold prices in Delhi traded at Rs 56,570 per 10 gram. Price of 24-carat gold stood at Rs 56,250 per 10 gram in Chennai. In Mumbai,the rate for 24-Carat gold stood at Rs 52,990 as per Good Returns website.