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Gold prices in India made a big upward move on Friday after falling for four straight days, but closed the week lower. At MCX, June gold futures were up 1.5% o ₹650 to ₹45,556 per 10 grams on Friday, but the week ended approximately ₹1,000 for 10 grams less, following a similar trend in foreign markets. Silver futures at MCX also rose 0.77% higher at ₹41,709 for 10 grams more. MCX had opened for trading for the Friday night session, as the morning session was closed for vacation.
In India, the physical gold trade remained suspended due to the national blockade. Akshaya Tritiya, who fell on April 26, was unable to help revive the appetite for metal.
In world markets, gold prices rose 1% to $ 1,700 an ounce on Friday, shaking off initial losses as sentiment at risk soured on US President Donald Trump’s threat to impose new tariffs on China.
Considered a safe deposit of value during the economic or political crisis, gold declined more than 1% during the week as more economies eased the restrictions and investors covered losses in broader markets.
“Gold has been trading in a wide range above $ 1,700 / ounce amid a lack of significant signals, this trend may continue in the near term. Improving risk sentiment and lack of further immediate action by of central banks could lead to some periods of prolonged liquidation, therefore a need to wait at lower levels to create new long positions, “Kotak Securities said in a note on April 30.
Traders said that while the gloomy outlook for the global economy is supporting gold prices, coronavirus-related restrictions and higher prices are affecting physical purchases.
The World Gold Council said Thursday that China’s jewelry consumption, which fell 65% in the first quarter of this year, could find support in the second quarter and beyond government policies and promotions for jewelers. (With contributions from the agency)
