Gold prices fell by Rs 74 to Rs 77,018 per 10 grams on Thursday amid weak global cues, PTI reported. This happened even when the price of gold and silver increased by more than 2 percent compared to ten days due to political instability in South Korea and France.
On the Multi Commodity Exchange, the price of gold for February delivery fell by Rs 74 or 0.1 percent to Rs 77,018 per 10 grams in 12,297 lots.
Globally, gold futures in New York fell 0.10 percent to USD 2,647.14 an ounce. “So far, prices have found good support near $2,600. We are bullish on gold due to the geopolitical scenario, dollarization and central bank buying, and prices are expected to test around $3,000 by March 2025,” said Ajay, Director, Kedia Commodities, Mumbai. Kedia said. Reuters.
Gold is considered a hedge against geopolitical crises and inflation, but high rates reduce its appeal.
– With inputs from PTI and Reuters