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Gold prices struggled for gains for the second day in a row amid muted global rates. On MCX, August gold futures were up 0.06% to ₹48,275 per 10 gram while silver futures were up 0.3% to ₹49,133 per 10 gram. In the previous session, gold had declined 0.1% per 10 gram while silver had fallen 0.5% per kg. Last week gold had hit a record high of ₹48,589 per 10 gram.
“Weakening global economic outlook has dented demand expectations putting additional pressure on prices. Gold may continue to witness choppy trade with key focus on the key $1800/oz level however the general bias may be on the upside unless we see a significant improvement in risk sentiment,” Kotak Securities said in a note.
A stronger rupee also put a cap on domestic gold prices. The rupee edged higher closer to 75.50 per US dollar after posting strong gains last week. Domestic gold prices include 12.5% import duty and 3% GST.
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