Mumbai: The price of yellow metal slipped down for third day in a row. On the Multi Commodity Exchange (MCX), the price of October gold futures dipped 0.04% to Rs 47,162 per 10 grams. Silver prices also declined by 0.14% to Rs 63,180 per kilogram.
In the international market, the gold prices edged lower on Thursday. Spot gold fell 0.1% to US dollar 1,788.17 per ounce. Prices fell 0.7% in the previous session.
‘Gold and silver prices are lower in midday trading Wednesday, but up from session lows, on some routine profit taking and downside corrections after recent gains. Better risk appetite recently is also a bearish element for the safe-haven metals. The key outside markets today see the U.S. dollar index slightly firmer and still trending higher. Nymex crude oil futures prices are higher and trading around $68.00 a barrel. This week’s strong rebound in crude prices suggests the market has put in a near-term bottom. That’s a bullish element for the entire raw commodity sector, including the metals. Meantime, the yield on the benchmark US 10-year Treasury note is presently fetching around 1.31 per cent’, said Amit khare, AVP- Research Commodities, Ganganagar Commodities Limited.