New Delhi: Gold prices in India fell for the fourth day in a row amid a stronger rupee and profit-taking at higher levels. On MCX, August gold futures fell 0.34% to ₹47,882 per 10 gram. Silver futures on MCX also declined 0.36% to ₹49,000 per kg. Gold prices in India had hit a record high of ₹48,982 per gram in the futures market on Wednesday, tracking a rally in global markets. Since then it has corrected about ₹1,000 from those highs.
Gold prices fell by Rs 42 to Rs 48,964 per 10 gram in the national capital Monday, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 49,006 per 10 gram.
Silver prices also declined by Rs 1,217 to Rs 49,060 per kg from Rs 50,277 per kg in the previous trade.
In the international market, gold was quoting higher at USD 1,776 per ounce, while silver was trading at USD 18.10 per ounce.
“Gold prices may get support over concerns on rising virus cases in US and other major economies,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Gold may have fallen from the record high but experts say the crucial support for the yellow metal is placed at Rs 47,500-47,600 levels per 10 gm.
PNN/Agencies