Yellow metal prices were sluggish on Thursday in the domestic market, as on the MCX, gold October futures were trading at Rs 47,162 per 10 grams, slightly less than the previous close of Rs 47,179 per 10 grams. Similarly silver prices were also down as silver September futures were trading down by Rs 71 to trade at Rs 63,201 per kg. In the previous session, silver futures had ended at Rs 63,272 per kg.
In the global market, gold spot prices were following a flat trajectory to trade at $1,790.63 per ounce. Yellow metal prices fell by 0.7 per cent in the previous session, which was its most significant one-day decline in the past 15 days.
Platinum price also witnessed a marginal rise, going up to $1078.0 per Troy ounce.
The movement of gold prices has been affected due to the cautious approach being adopted by investors just before the US Federal Reserve Chairman Jerome Powell’s much awaited speech later this week.
Commenting on gold price trends, Ravindra Rao, head of commodity research at Kotak Securities said, “COMEX gold trades little changed near $1790 per ounce after a 1 per cent decline yesterday. Gold trades little changed as gains in US dollar is countered by choppiness in equities as market players position for Fed Chairman’s comments at the Jackson Hole Symposium. Support from virus risks, global growth worries and geopolitical tensions are countered by weaker investor interest. Gold may remain sideways ahead of Fed Chairman’s comments however global uncertainty may keep prices supported.”