Chennai gold price falls Rs 120 per sovereign to Rs 1,09,280
Gold prices in Chennai fell by Rs 120 per sovereign on October 6, with the yellow metal priced at Rs 1,09,280 per sovereign. Silver prices remained unchanged during the same period.
The decline comes after gold prices in the domestic market fell by Rs 200 to Rs 1.49 lakh per 10 grams on October 6, while silver stayed steady at around Rs 2.27 lakh per kg, according to local traders cited by CNBC TV18.
Internationally, COMEX gold was down 0.31 per cent at 4,174.30 dollars an ounce, while COMEX silver declined 0.47 per cent to 61.30 dollars an ounce.
A stronger US dollar and elevated US Treasury yields have been weighing on precious metals, according to market experts. Gold does not generate interest income, making it less attractive when bond yields rise.
Softer-than-expected US September jobs data has provided some support to gold by cooling expectations of an October Federal Reserve rate hike.
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