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Gold Prices In India Decline For The First Time In 3 Days On Softness In Global Rates

Roshni Agarwal

Gold prices In India today (May 21, 2020) declined for the first time in three days in tandem with softness in global rates. In the futures market, gold contract for June delivery shed 0.49% to trade down by Rs. 230 at Rs. 46901 per 10 gm. Silver also slumped in line by 1.55% or Rs. 759 to Rs. 48299 per kg.

Gold Prices in the International Market

In the international market, gold softened in price as equities gained momentum on hopes of a quick recovery from the coronavirus led global economic slowdown. Nonetheless, as optimism around further stimulus package still linger and there is a flare-up in US-China tensions, losses in the precious yellow metal remain in check.

A bill has been cleared by the US Senate as per which some of the Chinese companies may not be able to list themselves on American bourses.

Spot gold declined 0.2% to $1,745.32 per ounce by 0044 GMT. U.S. gold futures eased 0.2% to $1,748.60.

On the back of escalating US-China tensions over the virus and expectations of additional stimulus measures from central banks, gold rallied to its life-time high of Rs. 47,980 per 10 gm on May 18.

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