Gold prices were trading lower in the domestic market on Friday as traders booked profit in the yellow metal. Investors are still awaiting a breakthrough on another US stimulus package and keeping a watch on US-China ties ahead of trade talks on August 15. On MCX, gold October futures were trading Rs 300 or 0.57 per cent down at Rs 52,630 per 10 grams, while silver September futures were ruling at Rs 70,370 per kg, down Rs 707 or 0.99 per cent. “All eyes will be on the US economic data which will be released in the evening. Sentiments during the intraday are likely to be on a bearish side in the yellow metal especially during the first half,” said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers.
During this week, gold witnessed high volatility, traversing from an all-time high of Rs 56,191 per 10 grams to falling below Rs 50,000. Similarly, silver prices too fell sharply from a record high of Rs 77,949 per kg. “Traders have once again stepped in to buy on the dip and kept the near-term uptrends alive after prices regained Rs 50,000 per 10 gms on MCX as gold’s long-term fundamental picture looks intact. But we have to be cautious at high levels as prices had impressive year-to-date performance, what was once a “safe haven” is now a volatile asset,” said Ajay Kedia, Kedia Advisory, Mumbai.
Read more at : https://financialexpress.com