On the Multi Commodity Exchange (MCX), the yellow metal fell again in India on Thursday, with the gold contract at Rs 47,450 per 10 grams in August. They saw a decline for the second time in three days due to weak global trends.
Silver also followed suit and declined, as September futures stood at Rs 67,036 per kg.
Globally, gold fell to almost a week low as spot gold fell 0.3 per cent to $1,798.27 an ounce. US gold futures fell 0.3 per cent to $ 1,798.70 an ounce.
After falling 0.4 per cent yesterday, COMEX gold was trading with a slight decline near $ 1801 an ounce. Gold is under pressure from higher risk sentiment and rising bond yields from recent lows. However, support prices are sustaining virus risks and inflationary concerns and expectations that the ECB may maintain a neutral stance. ETF investors are waiting for the new trigger. Ravindra Rao, Head of Commodity Research, Kotak Securities said, “Gold price remains close to $1800 an ounce amid ongoing challenges for the global economy and may warrant buying interest at lower levels.”