MCX Gold up after a sharp global fall in precious metal rates

Yellow metal prices in India were trading firm on Tuesday, even when the global market droop near multi-month lows

After a massive fall on the first day of this trading week, the yellow metal and silver price rose in India on Tuesday.


On the Multi-Commodity Exchange (MCX), October gold contracts rose 0.39 percent to rupees 46,065 for 10 grams on August 10. September silver future jumped 0.75 percent to rupees 63,109 per kilogram.


Spot gold was trading at USD 1,730 per ounce in the global market. On August 9, prices touched 1,684, their lowest since March.


December gold futures contract settled at USD 1,726 a troy ounce with a loss of 2.10 per cent and silver September futures contract at USD 23 a troy ounce with a loss of 4.36 per cent. Both the precious metals settled on a sensitive note in the global markets.


According to a Reuters reports, gold prices were hurt by a surge in US bond yields and a stronger dollar after a strong US jobs data last week raised bets over the Federal Reserve decreases earlier than expected.

India Scanner News Network

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