NEW DELHI: Gold prices slipped in futures trade on Tuesday after participants cut positions amid a lacklustre global trend.
Dollar’s gains against its peers restricted the ascent of gold in global markets. The dollar held steady on Tuesday, hovering close to its 2019 high as US-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal, Reuters reported.
A strong dollar means gold price will depreciate as the commodity becomes dearer in other currencies, causing a fall in its demand.
The MCX Gold was trading at Rs 32953 per 10 grams, down by Rs 93 around 11 am.
Silver prices, too, saw a fall on slightly reduced orders from industrial units and coin makers
The MCX Silver was trading Rs 17 lower at Rs 39805 a kilo around that time.
Source: Economic Times