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Gold Rate Today: Gold declines on uptick in equities

Globally, spot gold prices fell by 0.5 per cent.

ETMarkets.com|
Updated: Sep 09, 2019, 12.20 PM IST
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NEW DELHI: Gold prices fell in futures trade on Monday as the demand for the safe-haven metal waned on rise in equities and strenghtening rupee.

Globally, gold prices edged up as expectations of monetary policy easing by major central banks gathered momentum amid soft economic data, Reuters reported.

Spot gold was up at $1,509.45 per ounce. Spot gold is expected to test support at $1,497 per ounce, a break below which could cause a further fall to $1,453, according to a report by Reuters.

Gold Rates - Spot & Futures (.995 purity) (MCX)



The domestic market also witnessed a fall in gold prices due to the renewal of trade talks between US-China. Silver rates also fell sharply after hitting a life-time high of Rs 51,489 on Thursday.

Around 11:30 am, MCX Gold traded at Rs 38,497 per 10 gram. Silver prices remained steady at Rs 47,585 per kg today.

“The Fed Chairman’s optimistic outlook on US growth pulled gold and silver prices down. Gold settled negative in the international markets for a second week in a row after hitting a six-year high last week. Silver prices also crashed from a two-year high,” IndiaNivesh Research said in a note.
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