Gold Prices: Gold futures declined four per cent - Rs 2050 to Rs 48,818 per 10 gramGold Prices:Domestic gold futures registered a decliningtrading session on Friday, January 9,as the yellow metal suffered a steep decline due to a stronger American currency.Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading lowerby 4.1per cent - at Rs 48,818, having swung between Rs 48,818and Rs 50,799during the session compared to their previous close of Rs 50,904.
Gold futures declined four per cent- Rs 2050 to Rs 48,818 per 10 gram while silver futures plunged8.8 per cent - Rs 6,100 to Rs 63,850 per kilogram.
Silver futures for a March 5 delivery, were lowerby 8.74per cent at Rs63,850 on the MCX.
(Also Read:Is Silver The New Gold?)''With the new government almost confirmed US and hopes of large stimulus measures slumps thegoldprice, US Treasury yields and a climb in the equities toward its all-time closing high, which weighed downgoldprices.
The dollar has also rebounded and investors are running to book profits.
The short-term range is 52000 to 48500 and Its retracement zone at 51800 - 52000 is resistance,'' saidKshitij Purohit, Lead Commodities - Currency at CapitalVia Global Research Limited- Investment Advisor.Domestic spot gold closed at Rs 504,21 per 10 grams on Friday, and silver at Rs 67,374 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).Meanwhile, on Friday, January 9, the rupee gainedseven paiseagainst the US dollar on to closeat 73.24, tracking an intense rally in domestic equities, while also reflecting a sharp recovery from the day's lowest level.