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Gold, Silver Prices Decline Marginally On MCX

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Gold, Silver Prices Decline Marginally On MCX

Gold futures for delivery on August 5 fell as much as 0.25 per cent.

Gold, Silver Price Today: Gold futures for delivery on August 5 fell as much as 0.25 per cent to hit an intraday low of Rs 48,162 on the Multi Commodity Exchange (MCX). In the spot market, 24 carat gold also known as fine gold was retailed at Rs 48,358 per 10 grams, according to India Bullion & Jewellers Association. 22 carat gold was priced at Rs 48,164, 18 carat gold was being sold at Rs 44,289 per 10 grams, gold with purity of 16 carat was retailed at Rs 36,269 per 10 grams and gold with 14 carat purity was priced at Rs 28,289 per 10 grams.

In international markets, Gold was set on Friday for its best week in more than two months on renewed signs that the US Federal Reserve might not taper economic support and hike interest rates in the near term.

Spot gold was steady at $1,827.20 per ounce by 10:06 am, having hit its highest since July 15 at $1,832.40 on Thursday. It was on track for its biggest weekly gain since May 21, having risen 1.4 per cent so far.

US gold futures eased 0.2 per cent to $1,831.80 per ounce.

Gold jumped as much as 1.4 per cent on Thursday following Fed chief Jerome Powell’s remarks that the US job market still had “some ground to cover” and that it was “ways away” from considering interest rate hikes.

Back home, silver was also witnessing a mild selling pressure as silver futures for delivery in September fell as much as 0.48 per cent to hit an intraday low of Rs 67,875 per kilogram on the MCX. In spot market silver was priced at Rs 67,881 per kilogram.

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