Bullion Market Update: Gold Prices Head Southward For Third Consecutive Day

In the wake of partial trade agreement between the United States and China, a decline has been noticed in the Gold and silver prices. The prices of yellow metal slipped in Indian markets on Monday. On Multi Commodity Exchange (MCX), gold futures contracts declined 0.14% to Rs 37,795 while silver prices declined to 44,880 per kg. In the international market, gold prices touched USD 1474 per ounce while silver prices were trading at USD 17.34 per ounce.

Gold prices fell for a third consecutive day today as the partial trade agreement reached by US and China on Friday lifted the risk appetite.

Last month, the Gold prices had hit a record high of 39,885 rupees last month. Gold prices have risen more than 21 per cent so far in 2019.

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Moreover, the Indian rupee appreciated by 28 paise to 70.74 against the US dollar in early trade on Monday as gains in domestic equity market and positive developments on the US-China trade talks front strengthened investor sentiments. At the interbank foreign exchange, the rupee opened at 70.83, then gained further ground and touched a high of 70.74, registering a rise of 28 paise over its previous close.