Gold set for biggest monthly drop since 2016

Gold prices were trading at 2-month low on Wednesday

Gold prices heading for its worst monthly drop since November 2016.Gold futures on Multi-Commodity Exchange (MCX) were up by just 0.06 per cent at rupees 46,583 per 10 gram. Whereas silver futures gained 0.14 per cent to rupees 68,368 per kilogram.

As stated by the Indian Bullion and Jewellers Association the highest purity gold was sold at rupees 47,008, while silver was priced at rupees 67,806 on Tuesday in the spot market.

Despite the price drop and the world's second largest consumer of physical gold, the retail gold demand in India has remained weak.

On the global side, spot gold allay 0.1 per cent to USD 1,763 per ounce, having touched its lowest since April 15 at USD 1,749 on Tuesday. U.S. gold futures held stable at USD 1,763.

India Scanner News Network

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