The rate of 10 gram 22-carat gold in Mumbai was Rs 43,561 plus 3 percent GST, while 24-carat 10 gram was Rs 47,556 plus GST.
Tapan Patel, Senior Analyst , HDFC Securities said, “Gold prices extended decline in evening session ahead of US markets opening with COMEX spot gold losing more than 1% to $1,788 per ounce.
Market participants are anticipating tapering comments from Fed in August or September, also the Fed governor raised bets for a tighter monetary policy after fed projection showed two rate hikes in 2023, hence weighing on the bullion.”, said Navneet Damani, VP – Commodities Research at Motilal Oswal Financial Services.
Fed’s stance is negative for gold however market reaction may subside as the central bank is not looking at any imminent measures”, said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities.
In the futures market, the gold rate touched an intraday high of Rs 48,250 and an intraday low of Rs 46,938 on the Multi-Commodity Exchange .
Gold futures for August delivery slides Rs 1,401, or 2.89 percent, to Rs 47,105 per 10 gram in evening trade on a business turnover of 11,359 lots.