The Precious yellow metal, Gold, in prices, plummeted to Rs 48,702 per 10 gram on January 15 as participants increased their short position as seen by the open interest. The metal ended with a loss of Rs 116 or 0.24 percent for the week. It has slipped in three out of five trading sessions on the Multi Commodity Exchange (MCX).
The bullion metal price was pressured by gains in dollar, rising bond yields, strong US Industrial Production, and rising inflation expectations.
In the retail domestic market, the bullion metal closed at Rs 49,327 per 10 gram on Friday, up 0.65 percent on rupee depreciation and a selloff in equity markets but declined Rs 1,094 or 2.17 percent during the week. The premium charged by dealers over official domestic price dropped to $0.5 per troy ounce this week from $1.5 last week as the high price kept customers away.
The rate of 10 gram 22-carat gold in Mumbai was Rs 45,184 plus 3 percent GST, while 24-carat 10 gram was Rs 49,327 plus GST. The 18-carat gold quoted at Rs 36,995 plus GST in the retail market.
Economic revival in emerging markets to promote consumer gold demand: WGC
Gold-silver future prices fall drastically, know its rate
Gold Prices Down From Record High For Second Time In Three Days