Kolkata: Gold prices declined on Friday, April 25, after muted demand in the spot market. According to India Bullion and Jewellers Association (IBJA), the price of 24 carat gold stood at Rs 95.669 in the morning. According to data of West Bengal Bullion Merchants & Jewellers Association, the spot price of gold fell to Rs 95,800 on Friday, which was Rs 700 less than Rs 96,500 price recorded on Thursday.
On Friday, gold prices slipped as much as Rs 669 to stand at Rs 95,243 per 10 grams in futures trade amid muted spot demand. On the Multi Commodity Exchange, gold contracts for June was trading at Rs 95,243/10 grams which was lower by Rs 669 or 0.7 per cent. The business turnover was recorded at 17,974 lots. According to analysts, weak global cues resulted in the softness in prices. In the global market, gold futures declined 1.15 per cent to stand at $3,310.98 per ounce as recorded in in New York.
Gold prices this week
According to IBJA data, the opening price of “Gold 999” this week is the following. Incidentally, “Gold 999” has a purity level of 99.9% with only 0.1% consisting of other metals. It’s popularly known as 24-carat gold and has the highest purity.
April 25: Rs 95,669
April 24: Rs 96,075
April 23: Rs 95,784
April 22: Rs 99,100
April 21: Rs 96,587
Stock markets upbeat
Incidentally, the global stock markets displayed overall positive sentiments. Asian markets were trading at higher levels on April 25 following Wall Street rally, which, in turn, was linked to a hope of a US Fed rate cut. On Friday, Nikkei 225 jumped 1.9 per cent, Kospi rose 0.9 per cent, Hang Seng increased 0.7 per cent, Taiwan’s Taiex was up about 2 per cent while Shanghai Composite Index crawled down 0.1 per cent. The decline of 588.90 points (or 0.74 per cent) in Sensex was attributable to geo-political tension in the region after Pahalgam terror attack. In the US, the markets were buoyed by better-than-expected profits for a few tech firms.
This week will be remembered for a landmark in the gold market. This week gold prices touched the psychologically important level of Rs 1 lakh/10 gm. But on Wednesday, April 23, prices of the yellow metal dropped sharply by 2.03%, according to MCX data. Analysts had predicted that investor will rush to book profits after reaching the Rs 1 lakh level. They have also said that despite some short-term corrections, the outlook of gold is expected to remain positive this year.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, any form of alternative investment instruments and crypto assets.)
This week will go down in bullion history as a memorable one since the price of the yellow metal went past the psychologically crucial mark of Rs 100,000 per 10 grams of 24 carat gold. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
