Mumbai, July 2: The retail gold price in the city declined in line with international rates on Thursday. According to a Good Returns report, the price of gold crossed the psychologically level of Rs 50,000 per 10gm levels for the first time on Wednesday.

On Wednesday, In the futures market, August gold contract on the MCX slipped by 0.19 percent or Rs. 91 to Rs. 48176 per 10 gm at 9:19 am. Gold and silver saw profit booking in the morning session on Thursday but the increasing number of coronavirus cases kept the losses in check. Coronavirus Cases in India Cross 6 Lakh Cases, COVID-19 Death Toll Jumps to 17,834.

Globally, gold prices slipped easing from a near eight-year high hit in the previous session, as strong US data and hopes for a potential Covid-19 vaccine dented safe-haven sentiment.

India reported 434 deaths and 19,148 new COVID-19 cases in the past 24 hours. The total coronavirus cases in the country crossed the 6 lakh mark, according to the numbers shared by the Ministry of Health and Family Welfare on Thursday.

(The above story first appeared on LatestLY on Jul 02, 2020 10:44 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website