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Gold rates drop by Rs 3,600 in India

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Gold prices dropped by Rs 3,600 per 100 grams today. A great time for the common gold buyer amid the ongoing wedding season, however gold rates go up as speculators created fresh positions amid firming spot demand.

On the Multi Commodity Exchange, gold contracts for December delivery traded higher by 0.02 percent to Rs 47,445 per 10 grams in a business turnover of 13,548 lots, as per data on the MCX India website.

In the international market, gold prices were up as the value of the American dollar depreciated. While spot gold has increased by 0.2 percent to USD 1,792.05 per ounce, the US gold futures were up by 0.4 percent to USD 1,791.70.

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