Dhanteras 2017: Gold Prices Drift Lower As Buyers Turn Cautious

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Some correction in gold rate was witnessed despite auspicious buying during Dhanteras. Spot gold was trading at Rs. 29,708 per 10 grams with a loss of 0.54% in Ahmedabad at the Multi-Commodity Exchange.

Gold price was subdued today even on the auspicious occasion of Dhanteras 2017 due to negative global cues. Spot gold was trading at Rs. 29,708 per 10 grams with a loss of 0.54 per cent in Ahmedabad at the Multi-Commodity Exchange (MCX).

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At the futures market in MCX, gold rate for delivery on December 5, 2017 was 0.48 per cent lower at Rs. 29,712 per 10 grams as of 1:33 pm. Analysts said that apart from profit-booking by speculators at existing levels, fresh weakness in gold rate overseas weighed on gold futures.

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Analysts are not very hopeful of an uptick in gold demand during Diwali. “Even this Diwali, we will see gold buying like every year but nothing overwhelming that significantly lifts demand. This again, in a way, is a reflection that India continues to remain a price taker and global macros continue to set the price of gold. Given that the dollar index has appreciated over the past two days, some correction in gold prices is being seen despite auspicious buying during Dhanteras,” said Chirag Mehta, Senior fund Manager, Alternative Investments, Quantum Mutual Fund.

Meanwhile, spot silver was trading at Rs. 39,569 per 1 kilogram with a loss of 1.13 per cent.

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