Gold prices today drop for second time, down ₹7000 from record high – JK Student Update

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Gold prices today drop for second time, down ₹7000 from record high – JK Student Update

Globally, gold prices edged lower on Monday as an uptick in the dollar dented the metal’s appeal. although lower US bond yields and prospects of a prolonged accommodative interest rate environment limited losses. Spot gold was down 0.2 per cent at $1,886.76 per ounce as of 0308 GMT, after rising more than 1 per cent in the previous session, as US May non-farm payrolls fell short of expectations. The yellow metal, traded choppy in the domestic market while silver slipped below Rs 71,500.

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Gold and silver rates in India edged lower amid muted global cues. On MCX, gold futures were down 0.08% to ₹48,953 per 10 gram while silver futures were down 0.3% to ₹71,308 per kg. MCX gold has support at ₹48,020 levels while resistance remains near ₹49,100, say analysts. In India, gold rates turned volatile after they hit near five-month high of ₹49,800 last week. In August last year, gold had risen to a record high of ₹56,200.

In international markets, gold rates moved lower, hurt by a stronger US dollar. Spot gold was down 0.2% at $1,886.76 per ounce. However, softer US bond yields capped losses in the precious metal. Among other precious metals, silver dropped 0.7% to $27.58 per ounce while platinum rose 0.2% to $1,164.72.

In India, many states have announced gradual unlocking process of the economy as coronavirus cases continue to decline. Due to the lockdowns, retail gold demand in India remained muted but is expected to pick up gradually.

Compare 22K & 24K Gold Rate In Jammu And Kashmir (Today & Yesterday)
Today Yesterday Rate Change
Standard Gold (22 K) ( 1 gram ) ₹ 4,754 ₹ 4,714 ₹ 40 ↑
Standard Gold (22 K) ( 8 grams ) ₹ 38,032 ₹ 37,712 ₹ 320 ↑
Pure Gold (24 K) ( 1 gram ) ₹ 4,992 ₹ 4,950 ₹ 42 ↑
Pure Gold (24 K) ( 8 grams ) ₹ 39,936 ₹ 39,600 ₹ 336 ↑

NOTE: Please note that Gold price rates today for both 22-carat and 24-carat mentioned in the story are indicative and excluding of the Goods and Services Tax (GST), TCS, and other levies. Gold prices at jewellery shops may differ.

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