Mar 27, 2020
Gold prices dip after highest three-day increase in years
Mar 27, 2020
After record price increases this week, gold prices in India dropped on March 27. Silver prices also dropped.
Following significant gold price increases in India, led by the announcements of government economic stimulus packages, prices dropped on Friday. April gold futures were down on the Multi Commodity Exchange of India Limited by 0.8% to total Rs 43,195 ($576.16) per 10 grams and June futures were also down. Gold prices had risen by 3% during the previous session.
Silver prices dropped slightly by 0.08% on MCX to total Rs 41,290 per kilogram. The Indian price fall for both gold and silver was in line with the global price drop for both precious metals.
As part of a range of precautionary measures against Covid-19, commodity derivatives trading in India will reduce trading hours from March 30 to April 14, Livemint reported. The exchanges will trade from 9am to 5pm during the stipulated time period.
Gold trading between international markets has been significantly impacted by the virus, as gold is usually transported by plane and most flights remain grounded. A number of international trade shows designed to facilitate gold jewellery sales have also been postponed such as the Gem and Jewellery Export Promotion Council’s planned India International Jewellery Summit in Jaipur.
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