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Gold prices dip marginally to Rs 49,757 per 10 gram; silver gains Rs 594

The broader trend on COMEX could be in the range of $1850- 1875 and on the domestic front prices could hover in the range of Rs 49,200-49,850.

September 30, 2020 / 09:13 PM IST

Gold prices fell marginally by Rs 89 to Rs 49,757 per 10 gram in the Mumbai retail market on rupee depreciation, weak global cues and rally in the equity market. The precious metal traded under pressure as investors are awaiting the US presidential election debate and key data from China.

The rate of 10 gram 22-carat gold in Mumbai was Rs 45,577 plus 3 percent GST, while 24-carat 10 gram was Rs 49,757 plus GST. The 18-carat gold quoted at Rs 37,318 plus GST in the retail market.

Bullion metal prices reported the first weekly decline on dollar buying as investors switched to safer avenues compared to precious metals amid rising coronavirus cases in Europe and the UK. The slower US economic growth and rising US-China tension also boosted buying in the dollar against major currencies.

New orders for key US-made capital goods increased more than expected in August, suggesting a rebound in business spending on equipment was underway after a prolonged slump.