Gold price today: Yellow metal rises after falling over ₹5,500/gram; inches towards ₹40,000
Gold prices on Wednesday fell by Rs 444 to Rs 39,800 per 10 gram in futures trade as participants cut down their positions tracking a weak trend overseas. Gold April futures were up 0.09 per cent to Rs 40,280 per 10 grams in the previous session. Silver futures were up 1.26 per cent to Rs 35,900 per kg.
On the Multi Commodity Exchange, gold prices for April delivery fell by Rs 444, or 1.1 per cent, to Rs 39,800 per 10 gram in a business turnover of 4,662 lots.
The yellow metal for June delivery declined by Rs 606, or 1.5 per cent, to Rs 39,844 per 10 gram in 403 lots. Analysts said subdued overseas cues mainly influenced sentiments. Globally, gold was trading 0.78 per cent lower at USD 1,513.90 per ounce in New York.
With rising cases of Coronavirus affecting markets in India and abroad, gold prices continued to decline. On MCX, April gold futures fell 2% or about ₹800 to ₹38,755 per 10 gram. Gold had shed about ₹5,000 per 10 gram in the previous five sessions, falling from ₹44,500 levels.
Gold on Tuesday went lower by Rs 80 to Rs 39,719 per 10 gram in the national capital following weak global cues and rupee appreciation, according to HDFC Securities.
Silver prices also declined by Rs 734 to Rs 35,948 per kg against Monday's close of Rs 36,682 per kg.
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