New Delhi: Gold on Thursday (August 23) fell by Rs 297 to Rs 46,375 per 10 grams in the futures trade. The reason behind the fall was that investors reduced their positions amid low demand.
On the Multi Commodity Exchange, gold contracts for October traded lower by Rs 297, or 0.64 per cent, to Rs 46,375 per 10 grams in a business turnover of 6,594 lots.
According to analysts, the fall in gold prices was due to the trimming of positions by investors. Globally, gold traded 0.57 per cent lower to USD 1,768.60 an ounce in New York.
Gold movements this week (September 20-September 23)
Day Gold price (MCX October Futures)
Monday Rs 45,928/10 grams
Tuesday Rs 46,205/10 grams
Wednesday Rs 46,646 /10 grams
Thursday Rs 46,375 /10 grams
Gold movements last week (September 13-17)
Day Gold (MCX October Futures)
Monday Rs 46908/10 grams
Tuesday Rs 46860/10 grams
Wednesday Rs 46896/10 grams
Thursday Rs 46076/10 grams
Friday Rs 46076/10 grams
According to experts, gold prices could plummet further in the coming days. Currently, the price of gold in the domestic market is close to a six-month low. Also Read: Volkswagen Taigun SUV launched in India: Check price, features, rivals
Moreover, experts also pointed out that there can be a change in the movement of gold prices due to the reversing trends in the US dollar and equity markets. Investors are also closely looking at Federal Reserves decisions and China’s economic conditions. Also Read: Google moves to Delhi HC against CCI after leak of a confidential report
– With PTI inputs.