Mumbai, March 13: The gold prices on Friday fell by Rs 353 to Rs 41,853 per 10 gram in futures trade as participants cut down their positions tracking a weak trend overseas. On MCX gold futures fell sharply today, after opening at Rs 41,750.00 per 10 gram, gold futures touched a low of  Rs 41,443. At around 1:20 pm on Friday, it was trading at Rs 41844 per 10 gram, down Rs 362 (0.86 percent). The spot gold rate in Mumbai for 24 carat was Rs 43,460 on Friday.

The yellow metal for June delivery declined by Rs 432, or 1.01 per cent, to Rs 42,391 per 10 gram in 996 lots. According to PTI report, analysts said subdued overseas cues have affected the Indian gold rates.  According to a Live Mint report, gold in the global markets despite climbing to the highest in more than seven years earlier this week is headed for its biggest weekly loss since 2011. Indian Markets Recover Sharply After Morning Crash Amid Coronavirus Fears: Sensex Gallops 1,700 Points, Nifty Up 5%.

The spot gold today fell 1.3 percent to $1,555.42 an ounce, after a 3.6% drop in the previous session in the global market on Friday. So far this week, gold prices are down about 7 percent this week after touching a seven-year high of above $1,700 on Monday.

 

(The above story first appeared on LatestLY on Mar 13, 2020 02:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).