Gold prices fell for the third session in 4 days in Indian commodity market, tracking steady global prices. On MCX, August gold futures remained choppy after hitting a record high Rs 48,967 per 10 gm earlier this month.
Gold futures on MCX were trading Rs 15 lower at Rs 48,952 per 10 gm today against the previous close of Rs 48,967 per 10 gm. Gold August Futures today touched an intra day high of 48,985 and a low of 48,858 today, after opening at 48,910 per 10 gm.
Silver also edged lower, with futures on MCX declining Rs 24 to Rs 52,845 per 10 kg.
Recently, overseas gold price has remained steady above the 8-year record-high $1,800 per ounce. Comex Gold dropped 0.07% to 1,807 per ounce, Spot gold was steady at $1,808.53 per ounce while US gold futures were remained unchanged at $1,809, supported by a weaker US dollar.
Hopes of coronavirus vaccine development and steady upward momentum in equity markets have kept capped gains for the yellow commodity.
Gold prices have been trading near record high amid rising coronavirus cases and ongoing tensions between the US and China. Hopes of more government spending around the globe through major central banks has caused a surge in demand for precious metals in recent times.
In another update, Gold imports plunged 94% to $688 million (about Rs 5,160 crore) during the first quarter of 2020-21, according to data from the Commerce Ministry. This was due to a significant fall in demand in the wake of the COVID-19 pandemic. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.