Mumbai, Oct 27 || Gold prices declined on Monday after posting their first weekly loss since mid-August, as hopes of a trade deal between the United States and China reduced demand for safe-haven assets.
The fall also came after a sharp rally in gold prices in recent weeks, which analysts said had gone “too far, too fast.”
MCX gold prices opened 0.77 per cent lower at Rs 1,22,500 per 10 grams on Monday, compared to the previous close of Rs 1,23,451.
Similarly, silver prices on the MCX began the day 3.09 per cent lower at Rs 1,42,910 per kg, against the previous close of Rs 1,47,470.
During the early trade, gold futures on the MCX were trading down by Rs 1,088, or 0.88 per cent, at Rs 1,22,363 per 10 grams, while silver futures slipped by Rs 1,130, or 0.77 per cent, to Rs 1,46,340 per kg.