Gold prices fall over ₹500 per 10 gram this week1 min read . Updated: 08 Feb 2020, 03:50 PM IST
- Gold prices in India include 12.5% import duty and 3% GST
- Analysts say gold rates are likely to remain in a range in near term
Gold prices rose in Indian markets on Friday while silver rates declined marginally, tracking muted global cues. But on a weekly basis gold fell sharply. On MCX, April gold futures ended at ₹40,660 per 10 gram, up 0.77%. For the week, gold was down ₹ were trading higher at ₹40,510 per 10 gram, down over ₹500 from last week's close of ₹41,205 per 10 gram. Silver futures on MCX edged lower to ₹46,130 per kg.
US gold futures settled up 0.2% at $1,573.40 an ounce on Friday, drawing support from concerns about the coronavirus outbreak and its economic impact on global economy. Stocks on Wall Street retreated from record highs and safe-havens gold and the Japanese yen rose as investors weighed how much the virus is likely to disrupt supply chains. China accounts for about one-third of global growth.
Gold found support as risk sentiment remains in place as the death toll from coronavirus keeps rising, said Abhishek Bansal, chairman and managing director of Abans Group.
But for the week, gold prices fell over 1% in global markets as risk sentiment improved after China's move to cut tariffs on some US imports and inject massive liquidity into markets. Besides positive economic data from the US soothed investor's nerves.
Gold prices in India include 12.5% import duty and 3% GST and last month they had hit a record high of ₹41,293 per 10 gram.
(With Agency Inputs)