Gold prices remained weak today in Indian markets, falling for the fifth straight day amid weak global cues. On MCX, February gold futures were down 0.03 per cent to Rs 37,570 per 10 gram. In five days, gold prices are down about Rs 750 per 10 gram. After today’s fall, gold is now down about Rs 2,450 per 10 gram from September highs of about Rs 40,000 per 10 gram. Silver prices have also fallen sharply in domestic markets in recent days. On MCX, silver rates were down 0.09 per cent to Rs 43,465 per kg.
In global markets, gold prices were muted today, down to $1,460.95 per ounce as investors remained cautious ahead of a December 15 deadline for the next round of US tariffs on Chinese imports to take effect. Investors remained reluctant to make big bets. Optimism over trade talks is putting pressure on gold prices while the higher rupee is also weighing on the precious metal, Abhishek Bansal Chairman of ABans Group of Companies said. Gold traders are also keeping an eye on the US Federal Reserve, which kicks off its two-day policy meet today.
Read EquityPandit’s Nifty Outlook for the Week