Gold price down Rs 7900: Check today rates after huge fall

Gold price down: Gold futures on MCX have fallen significantly by Rs 7,900 from a high of Rs 99,358 per 10 grams in June as safe-haven buying of precious metals has been declining.

In Thursday’s trade, it touched the day’s low of Rs 91,461/10 grams, down Rs 804 or 0.97%. The ongoing trade talks between the US and China changed the sentiment in bullion markets, leading traders and investors to close their long positions and take profits.

Silver July futures displayed a comparable trend, falling 1.06% or Rs 1,011 to trade at Rs 94,455/kg. Both gold and silver fell in domestic and international markets on Wednesday.

In June, gold prices fell by 1.48 percent to Rs 92,265 per 10 grams, while silver prices fell by 1.34 percent to Rs 95,466 per kilogram in July. Precious metals failed to maintain the gains of the previous period and fell further as demand for safe havens eased amid US-China trade talks and significant risk aversion in global financial markets.

Gold prices fell in the domestic futures market on Friday morning, as the dollar’s appreciation against its peers and trade war risks eased, affecting demand for the safe-haven asset. As per the June 5 contract, MCX gold prices were trading at Rs 92,790 per 10 grams, down 0.41 per cent at around 9:15 am.

Domestic spot gold prices have fallen by 15 percent in May to 2. However, this year, the yellow metal is still up more than 21 percent.

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