Gold price fell to 8-month low … expects negative on Gold Finance stocks
Expects weakness on gold finance stocks after Gold price fell to 8-month low at Rs46000/10gr. Gold and silver prices in India continued their decline in Indian markets as global rates also softened amid rising US bond yields. On MCX, gold futures slipped 0.3% to Rs46122 per 10 gram, the lowest in 8 months, while silver futures fell 1% to Rs68,479.
In global markets, gold prices also today continued their recent slide, falling to lowest in more than seven months. Spot gold fell 0.4% to $1,769.03 per ounce, declining about 3% so far this year. Fall in gold price may negative for Gold Finance stocks like Muthoot Finance, Manappuram Finance.