Gold prices declined 0.97% on the Multi Commodity Exchange (MCX) on Friday. Silver prices also fell more than Rs 1,100 per kg.
At 10:40 am, October options for gold futures fell 0.97% or by Rs 500 to Rs 51,274 per 10 grams. It previously closed at Rs 51,774 and opened today at a price of Rs 51,431 on the MCX. Silver futures traded 1.76% or by Rs 1,150 lower at Rs 67,838 per kg. The prices opened at Rs 68,500 whereas it had previously closed at Rs 68,991.
“Gold prices declined as the dollar recovered. After rising in the previous session, investors also seem to opt for profit booking in the yellow metal ahead of the weekend. The fundamentals for gold are mixed and hence it is expected to trade in a choppy range,” said Ajay Kedia, director, Kedia Commodity Comtrade.
