Gold prices fluctuate throughout the week on global cues
Gold prices took a tumble by ₹451 on Friday, to trade at ₹46,844 per 10 grams in the national capital. On Thursday, the precious metal had closed at ₹47,295 after rising by ₹56, or 0.12%. “Gold prices are set for the third straight weekly gain, amid fall in US yields and a slight pullback in the dollar,” Navneet Damani, vice president, Commodities Research, Motilal Oswal Financial Service, told news agency PTI.
On the Multi Commodity Exchange, gold rates traded higher by ₹95, or 0.2%, to ₹47,816 per 10 grams in a business turnover of 9,331 lots. In the international market gold prices traded 0.28% higher at $1,805.20 per ounce in New York on Friday, lower than the 0.33% higher it had traded at a day before, at $1,808 per ounce.
On Wednesday the yellow metal had dipped marginally by ₹29 to trade at ₹46,903 per 10 gram reflecting an overnight fall in global precious metal prices. In New York, the yellow metal was trading higher at $1,805 per ounce. “Gold prices were supported by weaker dollar and fall in US treasury yields,” HDFC Securities, Senior Analyst (Commodities), Tapan Patel, told PTI.
Gold prices in the national capital went up by ₹389 to trade at ₹46,762 per 10 grams on Tuesday, falling in line with the global rise in prices. In the international market, the precious metal traded at $1,806 per ounce. A weaker dollar increased buying in gold. The precious metal had started the week by trading at ₹46,373 per 10 grams on Monday.
