Gold Rate Today: Gold Falls on Weak Demand

NEW DELHI: Gold prices took a beating in futures trade in Friday’s session due to a slump in demand by jewellers at the spot market amid weak trends in overseas markets.

In the global markets, gold was on track for its first weekly decline in four weeks after posting its steepest fall in more than seven months in the previous session on a strong dollar which looked set to post its strongest gain in three weeks as investors responded positively to a bounce in US Treasury yields and as some of its rivals were hit by dovish signals from their own central banks, Reuters reported.

Gold Rate Today

A strong dollar means gold price will depreciate as the commodity becomes dearer in other currencies, causing a fall in its demand.

Silver traded in the narrow range on muted demand by industrial units and coin makers. The MCX Gold was trading at Rs 31,510 per 10 grams, down by Rs 97, while MCX Silver was trading Rs 16 higher at Rs 37,333 a kilo around 10:40 am.

Courtesy: Economic Times