Gold prices fall today, down Rs 862 on MCX

Gold prices have seen fluctuations since the morning today. As the week began, prices kept falling through the day. On the Multi Commodity Exchange (MCX), the futures price of 24 carat gold fell 0.56 percent, or Rs 862, to Rs 1,53,519 per 10 grams today.

On the previous trading day, gold had closed at Rs 1,54,381 per 10 grams. According to bullion market data, the rate for 24 carat gold reached Rs 1,54,100 per 10 grams. In the international market too, gold prices fell to 4,392.50 dollars per ounce. Separately, according to GoodReturns' rate card, the price of 24 carat gold was recorded at Rs 1,55,830 per 10 grams.

According to the India Bullion and Jewellers Association (IBJA), this morning's gold rates by carat were as follows: 24 carat gold at Rs 1,53,337 per 10 grams, 22 carat gold at Rs 1,40,457 per 10 grams, 18 carat gold at Rs 1,15,003 per 10 grams and 14 carat gold at Rs 89,702 per 10 grams.

Today's rate for 24 carat gold was reported to be the same across several cities. In Mumbai, Pune, Nashik, Nagpur, Kolhapur, Jalgaon, Sangli and Chhatrapati Sambhajinagar, the rate stood at Rs 1,55,680 per 10 grams.

On the fall, Gaurav Garg, head of research at Lemon Brokerage, said gold prices had seen a sharp recovery once again after the recent decline. With the US dollar and US government bond yields easing, investors are recalibrating their investment portfolios following the US Federal Reserve's interest rate decision. However, Garg said the ongoing tension in West Asia remains a major risk for the market.

Praveen Singh, commodity head at Mirae Asset Sharekhan, said gold prices in the spot market strengthened for a second consecutive day. A fall in oil prices has eased the pressure from the US Federal Reserve's tight monetary policy to some extent. Even so, Singh said the dollar and bond yields remaining elevated continue to weigh somewhat on gold's rally.