Gold prices in India fall for 2 days in a row

On the Multi Commodity Exchange (MCX), gold futures fell by as much as Rs 139 per 10 grams or 0.30% to Rs 45,673 per 10 grams, compared to the previous close of Rs 45,812.

Gold prices in India fell for the second day in a row despite positive cues in the global market as a new wave of coronavirus infections in some countries raised expectations of further stimulus measures and lower interest rates.

Globally, gold prices were higher and held above the key $1,700 per ounce level. (Reuters file photo. Representative image)

On the Multi Commodity Exchange (MCX), gold futures fell by as much as Rs 139 per 10 grams or 0.30% to Rs 45,673 per 10 grams, compared to the previous close of Rs 45,812.

At 12:01am, the gold futures contract (delivery on June 5) traded down 0.03% at Rs 45,800 per 10 grams.

Gold futures had registered an all-time high of Rs 47,327 per 10 grams in late March, as the coronavirus pandemic boosted the yellow metal’s appeal among investors as a safe haven.

Globally, gold prices were higher and held above the key $1,700 per ounce level as a new wave of coronavirus infections in some countries raised expectations of further stimulus measures and lower interest rates.

Spot gold gained 0.5% to $1,708.75 per ounce by 0325 GMT (8:55am India time), having lost about 1% in the previous session. US gold futures eased 0.1% to $1,711.70 per ounce.

(With agency inputs)