- Gold prices in India have been broadly mirroring the global trend
- On Monday, global gold prices saw its biggest one-day percentage decline since November 2016
- Gold prices today recovered after seeing its biggest one-day tumble in two years in the previous session. Gold prices were buoyed by safe-haven demand after weak global manufacturing data reignited fears about global slowdown. Spot gold was up 0.4% at $1,389.49 per ounce. Gold prices fell as much as 1.8% on Monday, its biggest one-day percentage decline since November 2016, touching more than one-week low of $1,381.51 after US-China over the weekend agreed on a trade truce.
Back in India, domestic prices also mirrored the global trend. On MCX, gold futures for August delivery rose 0.26% to ₹33,731, after seeing a big fall in the previous session. A stronger rupee also weighed on gold prices.
Similarly, October futures contracts inched closer to ₹34,000 by rising 0.27% to ₹33,950.
Reliance Securities in a note said that it expects the August gold futures contracts to be in the range of ₹33,700 to ₹34,165.
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