Weekly decline in Gold prices this week

In the commodity bullion metal space, Gold prices declined to settle at Rs 50,064 per 10 gram on December 24 as participants trimmed their position as seen by the open interest. The Gold ended the week with a loss of Rs 231 or 0.46 percent.

The precious metal traded in the positive terrain for two out of four sessions in a holiday-truncated week as markets were closed on Friday for Christmas and thin volume, but manage to close above the key psychological barrier of Rs 50,000/10 grams for second consecutive weeks tracking the general weakness in dollar and EU and the UK clinched a narrow Brexit deal.

In the retail market, the bullion metal closed at Rs 49,995 per gram on Thursday up 0.29 percent on a weaker dollar and subdued global cues. The discount offered by a dealer over official domestic price rose to $2 per troy ounce from $1 last week as high prices keep retail buyers away and inauspicious period of Khar Mass in North India during which no wedding takes place.

The rate of 10 gram 22-carat gold in Mumbai was Rs 45,795 plus 3 percent GST, while 24-carat 10 gram was Rs 49,995 plus GST. The 18-carat gold quoted at Rs 37,496 plus GST in the retail market. The US dollar settled modestly lower at 90.25 or down 0.10 percent on Thursday against a basket of six currencies, though up 0.33 percent for the week.

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