India markets closed
  • BSE SENSEX

    40,522.10
    +376.60 (+0.94%)
     
  • Nifty 50

    11,889.40
    +121.65 (+1.03%)
     
  • Dow

    27,685.38
    -650.19 (-2.29%)
     
  • Nasdaq

    11,358.94
    -189.34 (-1.64%)
     
  • BTC-INR

    986,376.38
    +16,942.38 (+1.75%)
     
  • CMC Crypto 200

    266.56
    +3.15 (+1.19%)
     
  • Hang Seng

    24,787.19
    -131.59 (-0.53%)
     
  • Nikkei

    23,485.80
    -8.54 (-0.04%)
     
  • EUR/INR

    87.1685
    -0.1546 (-0.18%)
     
  • GBP/INR

    95.9954
    -0.2267 (-0.24%)
     
  • AED/INR

    20.0150
    -0.0650 (-0.32%)
     
  • INR/JPY

    1.4172
    +0.0016 (+0.11%)
     
  • SGD/INR

    54.2200
    -0.0910 (-0.17%)
     

Gold Witnesses Pullback In Line With Global Rates As Dollar Strengthens

Roshni Agarwal
·1-min read

Gold prices in India on September 9, 2020 declined by 0.39% or Rs. 198 to Rs. 51155 per 10 gm. Silver also slumped in line by 0.75% or Rs. 515 to Rs. 67979 per kg.

In the previous session after early fall to below Rs. 51000 on the MCX, gold once again ground and held above Rs. 51000 on likely rupee depreciation on rising India-China border tensions and no major cues globally.

In the international markets, as dollar gained amid sell-off in equities once again, gold lost. But the losses will remain curbed as economic contraction remains an issue.
US President Donald Trump raised the prospect of "decoupling" the US economy from China and claimed that the US was registering "the fastest recovery in US history".

Outlook for gold

Navneet Damani, Vice President, Motilal Oswal, said, "Gold remained steady as the dollar strengthened against its major crosses and volatility for the yellow metal remained low due to US holiday yesterday. In the next couple of sessions volatility for gold could remain low ahead of the important ECB policy statement that is scheduled for release later this Thursday. For today, we expect gold on MCX to quote in the range of Rs 50,450 and Rs 51,300. On COMEX the expected range is $1,900 and $1,950."

GoodReturns.in

Also Read:

Gold Prices Fall To Rs. 50815 Per 10 Gm As Global Rates Decline On Stocks Stability

Gold Prices Fall 10% In A Month; Move Away From Gold’s Eight Straight Month Rally Globally

Outflows From Equity Mutual Funds At Record High of Rs 4,000 Crore In August