Gold extended its losses to the sixth day day when futures on MCX were down 0.4% to ₹46909 per 10 gram. Last week gold rates in India had risen to two-month high of ₹48,400 and have corrected thereafter following decline in international prices. In international markets, gold rates failed to hold on to early gains and were down 0.3% to $1,777 per ounce. US Treasury yields rose and the dollar firmed, while investors awaited US GDP data due later today. "Gold gained momentum after the US Fed’s pledge for an accommodative fiscal policy stance in yesterday’s policy meeting.

Source: Mint April 29, 2021 03:40 UTC