The biggest fall has been witnessed on Wednesday, when prices have fallen by 1 per cent as the international prices of the yellow metal has fallen below $2000 per ounce due to stronger than expected US inflation report that reduced the prospects of an early interest rate cut by the Federal Reserve. The price fall continued on Thursday and Friday too with prices falling further to Rs 61,300 per 10 gm on MCX.
Gold prices fell Rs 150 to Rs 63,200 per 10 grams in the national capital on Tuesday amid bearish cues from the overseas markets, according to HDFC Securities. The precious metal had closed at Rs 63,350 per 10 grams in the previous close.
Gold prices plunged Rs 230 to Rs 63,970 per 10 grams in the national capital on Wednesday amid a bearish trend in the overseas markets, according to HDFC Securities. In the previous trade, the yellow metal ended at Rs 64,200 per 10 grams.
Gold prices declined marginally in the last trading session of 2023. Despite a slight dip, gold prices clocked their best year in three, as expectations regarding US interest rate cuts early next year and the war in Ukraine and tensions in the Middle East lifted safe-haven demand.
February gold futures were trading at Rs 63,795 per 10 grams on the MCX at 10.20 am and were up by Rs 117 or 0.18% from Wednesday s closing price. Meanwhile, March Silver futures were trading at Rs 75,690 per kg and were higher by Rs 43 or 0.06% around this time.