The metal futures were in the downtrend today on the MCX with gold futures touching a low of Rs 50,030 per 10 gram while silver futures touched a low of Rs 60,259 per kg. Gold opened at Rs 50,230 and December Silver opened at Rs 60,737 respectively.
In the previous sessions, gold prices has been falling more than 2% aggregately. Gold and silver prices in India have been in the red after reaching highs of Rs 56,200 per 10 gram and Rs 80,000 per kg in August.
India’s current account recorded the historic high surplus of $20 billion in June quarter, reflecting a sharp fall in imports coupled with strong resilience of software and the modest strength of goods exports. With a bounce-back in global oil prices, pick-up in domestic economic activities, the trade deficit is likely to widen, leading to the current account balance turning slightly negative in H2 FY21, analysts at domestic brokerage Anand Rathi stated.
In global markets, Gold prices were stable around the $1,900 level.
