Gold prices decline to Rs 49,209 per 10 gram

Gold prices decline to Rs 49,209 per 10 gram

Gold prices edged lower to settle at Rs 49,209 per 10 gram on December 4 as participants trimmed their long position as seen by the open interest. The precious metal after hitting a low of Rs 47,792 on Monday ended the week with a gain of 2.66 percent for the week.

In the retail market, the bullion metal settled at Rs 49,316 per gram on Friday up nearly 1 percent for the week on hopes of additional US stimulus and weakness in the dollar.

The premium charged by a dealer over official domestic price fell to $3.5 per troy ounce this week from $5 last week on subdued demand.

The rate of 10 gram 22-carat gold in Mumbai was Rs 45,173 plus 3 percent GST, while 24-carat 10 gram was Rs 49,316 plus GST. The 18-carat gold quoted at Rs 36,987 plus GST in the retail market.

The US Labour Department reported that nonfarm payrolls jumped by 245,000 jobs in November after rising by 610,000 in October, the lowest in six months.