- Gold prices fell sharply in early trade, with MCX October futures below Rs 1.51 lakh
- MCX Gold October futures hit an intraday low of Rs 1,50,695 per 10 grams
- The contract was trading at Rs 1,51,474, down 0.57% at around 10 a.m. on Friday
Gold prices fell sharply in early trade on Friday, with MCX Gold October futures slipping below Rs 1.51 lakh. The decline comes after the contract closed lower in the previous session as well.
The MCX Gold October futures contract fell to an intraday low of Rs 1,50,695 per 10 grams, down Rs 1,646 from the previous close of Rs 1,52,341. At around 10 a.m., the contract was trading at Rs 1,51,474, down Rs 867, or 0.57% on MCX.
Gold Extends Decline On MCX
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The fall follows a weak close in the previous session. According to the MCX, Gold October futures closed at Rs 1,52,341 on Sept. 10, compared with Rs 1,53,763 on Sept. 9.
What Is Driving The Gold Price Move?
The reasons behind the decline in gold prices include the changing outlook for global interest rates and the factors influencing investor demand for bullion. Apart from that, investors are awaiting upcoming economic data and the direction of the US dollar and bond yields in determining the next move in gold and silver prices.
For gold, the interest-rate outlook remains particularly important as investors assess whether monetary policy could become more or less supportive for the non-yielding asset.
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