Gold Price Today: Domestic Gold Futures Slip 1% To ₹ 53,125 As Global Rates Ease

Gold Price Today In India : Domestic gold futures fell on Wednesday as the global gold spot rate slid below the $2,000 per ounce mark a day after registering sharp gains.

Multi Commodity Exchange (MCX) Futures Gold Price Today – due for a delivery on October 5 – declined by as much as ₹ 446 – or 0.83 per cent – to ₹ 53,125 in morning deals, compared to their previous close of ₹ 53,571. At 10:03 am, the MCX gold futures contract quoted at ₹ 53,150, down ₹ 421 – or 0.79 per cent – from its previous close.

In the international market, the spot gold was last seen trading 0.4 per cent lower at $1,993.68 per ounce, having hit a one-week high of $2,014.97 in the previous session.

Analysts awaited minutes from the US central bank’s last policy meeting.

The dollar index steadied after hitting a more than two-year low in the last session. The dollar index – which gauges the greenback against six currencies – rose as much as 0.09 per cent on Wednesday. A stronger dollar makes gold expensive for holders of other currencies.

Gold mcx has been one of the most consistent gainers through the six months of coronavirus pandemic-led turmoil in financial markets, benefiting from a flood of capital into the world economy and investors seeking a relatively safe location to put their money in.

The dollar, also considered a safe-haven, has lost its appeal recently after the Federal Reserve rolled out a wave of fiscal measures and cut interest rates to near zero to mitigate economic damage caused by the coronavirus outbreak.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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