Gold prices may see some correction, a top industry official said in Mumbai. In line with the international market, gold price in local market are also expected to see some more correction in coming days, Bombay Bullion Association President Suresh Hundia said in Mumbai on May 4.
In the local market, gold prices held above a psychological Rs 11,000 per 10 grams.
In the international market, the gold price slipped to 13 week low to trade at $862.40 per ounce as bond yields ticked higher following 0.25 per cent rate cut announced by the Federal Reserve last week.
The demand of gold is expected to rise due to fall in gold prices, during the current Akshaya Tritiya festival. Every year, gold coins worth three to four tonnes are sold during this auspicious Hindu festival, the source said. The benchmark June gold futures contract on the Multi Commodity Exchange (MCX) fell 1.5 per cent to Rs 11,205 per 10 grams on Thursday, its lowest level since mid January.
In the local market, gold prices held above a psychological Rs 11,000 per 10 grams.
In the international market, the gold price slipped to 13 week low to trade at $862.40 per ounce as bond yields ticked higher following 0.25 per cent rate cut announced by the Federal Reserve last week.
The demand of gold is expected to rise due to fall in gold prices, during the current Akshaya Tritiya festival. Every year, gold coins worth three to four tonnes are sold during this auspicious Hindu festival, the source said. The benchmark June gold futures contract on the Multi Commodity Exchange (MCX) fell 1.5 per cent to Rs 11,205 per 10 grams on Thursday, its lowest level since mid January.
No comments:
Post a Comment