Gold price today drops below ₹47,000 for 10 gm
=Gold price on Friday dropped to ₹46,900 for 10 gm from ₹47,120 in the previous trading session and silver was up ₹300 per kilogram to ₹66,900 per kg, Good Returns reported. The price of 22-carat gold was down at ₹46,700 per 10 gm in New Delhi, it dropped to ₹45,000 in Chennai and in Mumbai, it was ₹46,900, according to the website.
Gold was trading lower in the domestic market tracking international spot prices. August gold contracts were trading 0.15 per cent lower at ₹47,564 for 10 gram at 9:30am on the Multi Commodity Exchange (MCX). September silver futures were trading 0.03 per cent higher at ₹67,391 a kilogram.
In the global market, gold prices edged lower on Friday and were heading for their first weekly decline in five. This came on the back of a stronger dollar which made bullion more expensive for holders of other currencies and offset support from lower US bond yields and weak economic data.
Spot gold was down 0.2 per cent at $1,803.33 per ounce, as of 0314 GMT, even as bullion is down 0.4 per cent this week. US gold futures fell 0.1 per cent to $1,803.90.
"Gold being a go to alternative for paper currency and with seeing the dollar bit higher is the catalyst that nudging gold back," DailyFX currency strategist Ilya Spivak told Reuters.
The dollar index held close to a 3-1/2-month peak against its rival and was heading for its second straight weekly rise.
Worries over the coronavirus' Delta variant impacting global economic recovery has softened the risk appetite in financial markets for most of this week, sending investors to take refuge in the dollar.
"We expect gold to remain range bound in the coming weeks. However, inflation will remain a key driver of gold prices in the coming months, supporting prices in the near term," Fitch Solutions said in a note, according to Reuters.
All eyes will now be on next week's US Federal Reserve meeting for more clues on monetary policy going forward.
(With Reuters inputs)