Gold declines 1% in spot market as equity market sentiment turns weak

Reports say retail consumers are selling their gold globally to make ends meet as they've remained jobless for months now due to economic slowdown caused by the Covid-19 pandemic

The price of gold declined 1 per cent  on Monday, following the global movement, over poor retail consumer demand and weak equity market sentiment.

Standard gold in the city's popular Zaveri Bazaar fell by Rs 464 to trade at Rs 46,859 per 10 gram on Monday, as against Rs 47,323 on last Friday. The yellow metal for delivery in August on the Multi Commodity Exchange of India (MCX) declined 1.4 per cent to trade at Rs 46,676 per 10 grams in the early evening session on Monday.

“The gold and silver prices have gone up, along with other risk-aversion asset classes, in