The Hush Post| 11:42 am|one-minute-read|
Gold prices in India are down Rs 2,300 per 10 grams/tola compared to a high of Rs 40,000 per 10 grams in early September this year.
On MCX, gold prices ended 0.04 per cent lower at ₹37,671 per 10 gram on Monday. They are now down about ₹2,300 per 10 gram from early September highs of around ₹40,000. MCX will open for trading in the evening session, from 5 pm.
The first half remains closed owing to a holiday.
Silver prices on MCX edged 0.30% higher to ₹44,000 per kg. It too remains significantly lower than the September highs it saw.
The fall in domestic gold prices reflects a similar fall in global markets. Spot gold prices in global markets were subdued at $1,455.55 per ounce, after falling to its lowest in more than three months in the previous session.
Global gold prices have also corrected from six-year highs of near $1,550 per ounce in September, on expectations of a possible US-China trade deal.
Gold went down 3.6 per cent last week for its biggest weekly decline in three years on upbeat equities and optimism surrounding the U.S.-China trade deal. The uncertainty, however, still prevailed over the trade deal.
Last week, US and China officials said that both the countries had agreed to roll back tariffs on each others’ goods as part of the first phase of a trade deal, but later Trump denied any such agreement.