Today, the third day of gold prices fall in the global market. Spot gold was down 0.2% to $1,489.80 per ounce. On Monday, Gold Futures prices in India fell sharply closed at Rs 38060 on MCX, down 0.71 per cent. Later on, when trading opens gold prices are likely to feel downward pressure amid a weak global trend. Silver futures prices on MCX on Monday also moved lower, ending 0.48% lower at Rs 45,160.
The minutes of US Federal Reserve’s September meeting is also due later this week. Gold traders will look for clues whether the Fed will cut rates at its next meeting. The correction in gold prices has lifted hopes of a pick up in domestic retail buying. Meanwhile, the government has opened sovereign gold bonds for subscription to tap the festive investment demand for gold. The 2019-20 – Series V of gold bonds opened for subscription on Monday and it will close on 11 October. The issuance date of the bonds will be 15 October.
Read EquityPandit’s Nifty Metal Outlook for the Week