Gold rate declined in the domestic futures market on Tuesday, February 24, morning, amid some profit booking after strong gains in the previous session. An uptick in the US dollar and weak spot demand prompted investors to take some profits on the MCX.
MCX gold April futures dropped more than 0.50% to ₹1,60,750 per 10 grams. MCX silver April futures slipped by 0.20% to ₹2,64,972 per kg.
In the previous session, the MCX gold April futures contract jumped 3%, closing at ₹1,61,550 per 10 grams, while the MCX silver March futures contract settled at ₹2,65,279 per kilogram, jumping 5%.
The dollar index climbed by nearly 0.20% to 97.88, weighing on gold demand by overseas buyers.
(This is a developing story. Please check back for fresh updates.)
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