As more Countries ease lockdown curbs, gold prices after long momentum falls for the third time.
on MCX gold futures were down at Rs 47,137 per 10 gram. Silver prices saw some profit taking after the strong run.
Silver Futures were down 0.21% to Rs50,505 per kg on MCX.
Silver showed momentum of 25% in the past one month as more countries reopen their economies.
In global markets, gold prices went lower on optimism of economic recovery as more countries ease lockdown curbs.
However, losses in gold were capped due to China-US tensions, protests in the United States and a weaker dollar. Spot gold was down 0.1% at $1,738.12 per ounce.
Factory activity in China returned to growth in May as restrictions eased.
Meanwhile, in US manufacturing activity ticked up slightly from a 11-year low, suggesting that the worst of the coronavirus-related economic downturn might be over.
US President Donald Trump wants to end unrest in major cities over the death of Geroge Floyd.
Mr President stated he would deploy military if needed and state governers refused to call out the National Guard.
With Increasing challenges to global economics, central banks and governments are likely to infuse stimulus fund in the economy which is positive for gold
The US dollar was at two month low today, making gold less expensive for holders.
While the India rupee on Monday closed at 2 week high against the dollar