Gold prices witnessed a significant decline of Rs 446 on Friday, settling at Rs 84,750 per 10 grams in futures trading. This drop was primarily driven by subdued spot demand and negative trends emerging from global markets.
On the Multi Commodity Exchange (MCX), gold contracts scheduled for delivery in April fell by 0.52 percent or Rs 446, trading at Rs 84,750 per 10 grams. The trading session recorded a business turnover of 14,812 lots, indicating cautious investor sentiment.
Analysts highlighted that the current downward trend in gold is directly linked to weakening global indicators. Internationally, gold futures in New York experienced a decline of USD 20.50 per ounce, or 0.71 percent, bringing the price to USD 2,875.40 per ounce.
This decline underscores the cautious market environment, with traders closely monitoring international price movements to gauge future trends.
