Key Points :
- Gold prices have dropped in India despite of high global rates
- Gold dealers sell the metal on a discounted price for 5th week straight
- The prices are said to be volatile and stay between estimated Rs. 51,300 to Rs. 51,500.
- Silver prices have surged low in the country by 0.2%.
The yellow metal prices in India have remained irregular in current weeks after hitting a record high of over ₹56,000 last month. Gold and silver prices edged lower in India notwithstanding the higher global rates. On Multi-Commodity Exchange (MCX), gold futures fell 015% to ₹51637 per 10 gram while silver futures declined 0.13% to ₹67790 per kg.
In the previous session, gold had risen 0.52% while silver had edged 0.2% lower.
For a fifth-week straight, gold dealers in India continued to offer. The dealers hope for an upgrade in demand as the festive season approaches. In the futures market, gold prices ended the week at ₹51,720 per 10 gram, about ₹400 higher as compared to the previous week’s levels. On the other hand, silver ended the week at about ₹68,002 per kg.
Gold prices in India have remained in a narrow range over the past few weeks, after hitting a record high of ₹56,200 in the first week of August. After correcting from those levels, gold has remained directionless. Gold prices in India include 12.5% import duty and 3% GST.
The October gold contracts were trading lower by 0.20 % at Rs 51,611 per 10 gram at 0920 hour on the MCX. September Silver futures, on the other hand were selling 0.19 % lower at Rs 67,750 per kg.
Gold is supposed to remain volatile for a while with estimated Rs. 51,300 to Rs. 51,500 levels.
In global markets, gold prices edged higher to 0.3% to $1,954.65 per ounce.
