(From Trade Representative)
MUMBAI: Gold prices in London fell from early session gains on a stronger trend in the dollar index and an improvement in US Treasury yields today, after gold prices rose as much as 1.3 percent on the New York Mercantile Exchange as the dollar index weakened yesterday. However, in the domestic jewelery market today, taking into account the global overnight encouraging report, gold prices during the mid-session fell by Rs 10 per gram. 702 to 705 with bounce back again to Rs. 50,000 was crossed. Similarly, during the mid-session, silver prices also fell to Rs. 1178 increased to Rs. 55,000 was crossed.
According to market instruments today, domestically, especially in gold, during the mid-session global overnight encouraging report, gold prices fell to 99.5 touch standard gold per 10 grams on the back of buying by stockists and investors besides sufficient demand from jewelery manufacturers and retail level. 702 to Rs. 50,474 and 99.9 touch standard gold at Rs. 705 to Rs. 50,677 remained at the head. Moreover, during the mid-session today, the price of .999 touch silver also rose by Rs. 1178 increased to Rs. 55,085 remained at the head.
After falling to a more than one-year low of $1,680.25 an ounce in New York on Wednesday, gold prices rose 1.3 percent yesterday and retook the $1,700 level as the dollar index weakened.
However, spot gold was down 0.2 percent from yesterday’s close at $1,715.10 an ounce at the start of the session in London and futures narrowly traded at $1,713.40 an ounce at the start of the session, taking into account the improvement in the dollar index today and the possibility of an aggressive rate hike by the US Federal Reserve. The dollar remained at around the same level. Sources are expressing the possibility that for the first time in six weeks, the price of gold will see an improvement on a weekly basis as there was a significant improvement in the price of gold yesterday.
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