Ahead of Dhanteras, Gold prices fall Rs 1900 per 10 grams in last one month
New Delhi | Jagran Business Desk: Prices of Gold continued its downward trend on Sunday. It fell by 0.29 per cent to Rs 38,085 per 10 grams of pure gold at MCX. The overall price has seen a reduction of about Rs 19000 per 10 grams from last month's high of about Rs 40,000.
With Dhanteras and Diwali around the corner, jewellers are hoping for a pick up in retail buying of the precious yellow metal. They have reportedly rolled out promotional offers to woo customers and drive sales.
The prices have remained in range-bound over the past few days with a surge in global equity markets. On the downside, the auspicious metal has been supported by global growth worries, uncertainty over Brexit and US-China trade that has led to volatility in the currency market, impacting the price of dollar-denominated gold.
As per analysts, the gold may continue to see choppy trade in upcoming days as markets react to economic data, trade and geopolitical development.
Silver might also witness choppy trade as risk sentiment may result in mixed trade in industrial metals including gold. The prices of silver saw a surge of 0.89 per cent on Friday to close at 45,226 per kg.
Meanwhile, another installment of gold bonds will open for membership next week. The 2019-20 series Sovereign Gold Bond VI will open for subscription between October 21-25, with its release on October 30. The minimum investment in these gold bonds is one gram.
The central bank has issued a fixed price of these at Rs 3,835 per gram of gold. For investors applying online, they will get a discount of Rs 50 per gram.
The issuance price is based on the simple average closing price published by the Bullion and Jewellers Association of India for gold of 999 purity of the last three trading days of the week before the subscription period, said a Livemint report.
As per RBI, gold bonds will once again open for subscription between December to March this fiscal.
Posted By: James Kuanal