Latest News Today – Gold, Silver Prices Decline Marginally On MCX


Gold futures for delivery on August 5 fell as much as 0.25 per cent.

Gold, Silver Price Today: Gold futures for delivery on August 5 fell as much as 0.25 per cent to hit an intraday low of Rs 48,162 on the Multi Commodity Exchange (MCX). In the spot market, 24 carat gold also known as fine gold was retailed at Rs 48,358 per 10 grams, according to India Bullion & Jewellers Association. 22 carat gold was priced at Rs 48,164, 18 carat gold was being sold at Rs 44,289 per 10 grams, gold with purity of 16 carat was retailed at Rs 36,269 per 10 grams and gold with 14 carat purity was priced at Rs 28,289 per 10 grams.

In international markets, Gold was set on Friday for its best week in more than two months on renewed signs that the US Federal Reserve might not taper economic support and hike interest rates in the near term.

Spot gold was steady at $1,827.20 per ounce by 10:06 am, having hit its highest since July 15 at $1,832.40 on Thursday. It was on track for its biggest weekly gain since May 21, having risen 1.4 per cent so far.

US gold futures eased 0.2 per cent to $1,831.80 per ounce.

Gold jumped as much as 1.4 per cent on Thursday following Fed chief Jerome Powell’s remarks that the US job market still had “some ground to cover” and that it was “ways away” from considering interest rate hikes.

Back home, silver was also witnessing a mild selling pressure as silver futures for delivery in September fell as much as 0.48 per cent to hit an intraday low of Rs 67,875 per kilogram on the MCX. In spot market silver was priced at Rs 67,881 per kilogram.



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Latest News Today – Gold Futures Trades Higher To Make 4-Month High, Yellow


Gold Rates Today: Domestic spot gold closed at Rs 49,195 per 10 grams on Wednesday

Gold Price In India: Gold futures were traded higher on Wednesday, May 26, showing strength and a safe-haven demand as the rally in yellow metal smashed the Rs 49,000 mark earlier today to make a four-month high. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading higher by Rs 172 – or 0.35 per cent – at Rs 49,039, having swung between Rs 48,908 and Rs 49,220 during the session so far, compared to their previous close of Rs 48,867. Silver futures for a July 5 delivery were last down 0.35 per cent at Rs 71,891, against a previous close of Rs 72,140. (Also Read: Second Tranche Of Gold Bonds Scheme Opens On May 24: Check Issue Price )

Domestic spot gold closed at Rs 49,195 per 10 grams on Wednesday, and silver at Rs 71,866 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).  
 

Gold Price Today: 26 May 2021: Gold Smashes Rs 49,000 Mark; Should You Buy?

Here’s what analysts say:


 

Mr. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:

“The yellow metal has continued to show strength and the safe-haven demand will remain intact in general. While, DXY is struggling to extend recovery moves. MCX gold has hit the higher end of the range around 49000, further upside is possible only if prices hold on to these areas for few sessions. Else a correction towards 48000/47500 should be seen.”

Mr. Nish Bhatt, Founder & CEO, Millwood Kane International – an investment consulting firm.

“Gold prices have been steadily rising in the past few sessions tracking international gold futures prices. The rally in the yellow metal continued past Rs 49,000/10gm earlier today to make a four-month high. The rise in the yellow metal has been on account of the fall in US Treasury yields, softer US dollar which pushes up the gold prices.”

”The current scenario combined with the rising number of cases due to the second wave will lead to investors turning to a safe haven and help further rally in gold prices,” added Mr Bhatt.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited. 

”Technically, International Gold is trading with bullish momentum. Psychological levels of $1900 were breached earlier today and market is sustaining above them. On the domestic front, MCX Gold June gave a gap up opening and is trading positive bias since morning.”

”Like gold, international silver is also trading with bullish momentum. Prices breached $28.00 levels and are trading above them. In the upcoming sessions, market may take a pullback before a rally is initiated. MCX Silver July gave a gap up opening and is trading in a sideways range of 72319-72681 since morning.”

Meanwhile, in the international markets, gold prices firmed above the key $1,900 level today, boosted by weaker U.S. Treasury yields and amid expectations that the U.S. Federal Reserve will maintain a dovish monetary policy stance.

Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services:

“Gold prices continue to trade higher, as it breached the physiological level of $1900 hovering around 4-1/2-month high amidst a drop in U.S. Treasury yields and a weaker dollar. The dollar index was pinned near almost a 4-1/2- month low against its rivals…Broader range on COMEX could be between $1870- 1920 and on the domestic front prices could hover in the range of Rs 48,800- 49,360.”

Ravindra Rao, VP- Head Commodity Research at Kotak Securities:

“COMEX gold trades 0.4 per cent higher near $1906/oz after a 0.7 per cent gain yesterday. Gold has jumped to Jan. highs amid mixed US economic data, dovish Fed comments, weaker US dollar, choppy equities and pickup in ETF buying.”

”However, weighing on price are concerns about Indian demand and easing geopolitical tensions. Building on the gains noted in the last few weeks, gold has breached the key $1900/oz level indicating strong upward momentum however any stability in the equity market or US dollar may be enough to trigger a profit taking move,” added Mr Rao.





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Latest News Today – Gold, Silver Prices Decline Marginally On Akshaya


Akshaya Tritiya 2021: 24 carat or fine gold was priced at Rs 47,760 per 10 grams.

Prices of precious metals (gold and silver) declined marginally on Multi Commodity Exchange on Akshaya Tritiya day, the day considered by many as an auspicious to make purchases of precious metals like gold and silver believing that it will bring good luck. Price of gold futures for delivery in June on the Multi Commodity Exchange declined as much as 0.2 per cent to Rs 47,343 per 10 grams. In the spot market, 24 carat or fine gold was priced at Rs 47,760 per 10 grams, 22 carat gold was sold at Rs 46,140, 18 carat gold was priced at Rs 38,210 and 14 carat gold was sold at Rs 31,760, according to India Bullion and Jewellers Association (IBJA).

“COMEX gold trades little changed near $1820/oz after a 0.1 per cent gain yesterday. Gold stabilized as US bond yields eased back after testing the highest level in more than a month. Also supporting price is increased tensions between Israel and Gaza. However, weighing on price is ETF outflows, concerns about consumer demand in India and increasing debate that inflation pressure may cause monetary tightening. Gold may remain choppy reflecting volatility in the US dollar however we expect buying interest to emerge at lower levels as Fed is likely to maintain a dovish stance,” said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities. 

In international markets, gold was Gold prices fell on Friday and were on track for a weekly loss, as firmer dollar and rising U.S. Treasury yields dampened the metal’s safe-haven appeal.

Spot gold was down 0.3 per cent at $1,821.89 per ounce by 0401 GMT. For the week, bullion has lost nearly 0.5 per cent.

U.S. gold futures eased 0.1 per cent at $1,822.10.

Benchmark U.S. 10-year Treasury yields were trading above the key 1.6 per cent level and were on track for a strong weekly rise. Higher bond yields raise the opportunity cost of holding non-interest bearing gold.

Back home, silver prices were also trading marginally lower on Akshaya Tritiya day. Silver futures for delivery in July declined as much as 0.19 per cent to hit an intraday low of Rs 70,337. In spot market silver was priced at Rs 70,948 per kilogram.



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Latest News Today – Gold Trades Marginally Higher, Silver Declines On Profit


In spot market, 24 carat gold or fine gold rose was priced at Rs 47,850 per 10 grams.

Gold, silver price today: Gold futures prices for delivery on June 4 were trading marginally higher on the Multi Commodity Exchange while silver futures for delivery in July slipped marginally on account of profit booking after a firming up in the past few days. Gold futures for delivery in June rose as much as 0.13 per cent to hit an intraday high of Rs 48,013 on the MCX. In spot market, 24 carat gold or fine gold rose was priced at Rs 47,850 per 10 grams, gold with purity of 22 carat was sold at Rs 46,230 per 10 grams, 18 carat gold was sold at Rs 38,280 and 14 carat was retailed at Rs 31,820 per 10 grams, according India Bullion and Jewellers Associations.

In international markets, gold prices held steady on Tuesday as investors awaited US consumer price data due later this week to measure whether inflationary pressure is building, with a weaker dollar and a pullback in Treasury yields supporting the metal.

Spot gold was unchanged at $1,835.41 per ounce by 9:10 am, after hitting its highest since February 11 at $1,845.06 on Monday.

US gold futures were little changed at $1,836.90 per ounce.

“Although gold extended higher earlier today, it’s struggling to continue building momentum and part of that is concern about inflation… it isn’t a given that those job numbers mean that the Fed won’t act,” DailyFX currency strategist Ilya Spivak said.

There is significant resistance for gold within the $1,855-$1,875 area, while support is around the $1,800 level, Spivak said.

Back home, silver futures for delivery in July slipped 0.37 per cent on the MCX on account of profit booking. In spot market silver was priced at Rs 70,835 per kilogram.

In international markets, silver was steady at $27.30, while platinum was down 0.1 per cent to $1,245.68.



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Latest News Today – Gold Futures Rise Over 0.6%, Trades Above Rs 48,000.10


Gold prices inched higher on Monday to trade near a three-month peak.

Precious metals like gold and silver witnessing buying interest on Monday as gold futures contracts for delivery on June 4, 2021 rose as much as 0.62 per cent to trade above Rs 48,000 per 10 grams on the Mullti Commodity Exchange. Gold and silver are witnessing buying interest amid rising Covid-19 infections on the back of safe haven demand for precious metals, market analysts said. In the spot market, 24 carat gold also known as fine gold was priced at Rs 47,850 per 10 grams, 22 carat gold was priced at Rs 46,230 per 10 grams, 18 carat gold was sold at Rs 38,280 and 14 carat gold was retailed at Rs 31,820 per 10 grams, according to India Bullion and Jewellers Association (IBJA).

In the international markets, gold prices inched higher on Monday to trade near a three-month peak hit last week after weaker-than-expected US jobs data supported hopes that interest rates will remain low for some time, bolstering the metal’s appeal.

Spot gold was up 0.2 per cent at $1,834.96 per ounce by 11;00 am, after hitting its highest since February 11 at $1,842.91 in the previous session.

US gold futures were up 0.2 per cent at $1,835.00 per ounce.

“The US jobs report is pretty much the start and finish of the story for gold at the moment. It has really tightened expectations out of the market, at least at the margins of Federal Reserve rate hikes,” IG Market analyst Kyle Rodda said.

Back home, silver prices also firmed up in line with gold as silver futures contracts on the MCX for delivery in July rose as much as 1.73 per cent to hit an intraday high of Rs 72,665 per kilogram. In spot market, silver was being sold at Rs 71,073 according to IBJA.



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Latest News Today – Gold Futures Sheds Over 200 Points, Trades Below Rs


Gold Rates Today: Domestic spot gold closed at Rs 46,930 per 10 grams on Thursday

Gold Price In India: Gold futures opened at a gapped up level of Rs 47,245, up by almost 150 points from its previous closing on Thursday, April 29, however, it continued a bearish momentum and declined by more than 200 points towards the evening, giving up its Rs 47,000 mark. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 369 – or 0.78 per cent – at Rs 46,724, having swung between Rs 46,462 and Rs 47,299 during the session so far, compared to their previous close of Rs 47,093. Silver futures for a May 5 delivery were last down 0.62 per cent at Rs 67,365. (Also Read: Is Silver The New Gold?
 

Domestic spot gold closed at Rs 46,930 per 10 grams on Thursday, and silver at Rs 68,460 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).  

”MCX Gold June gave a gap up opening and has been on a declining spree since then. It has declined more than 200 points and tested the support of 47000-46800 levels. We may expect a marginal rise from the support and test 47100- 47150 levels on the upside. This rise could act as a selling opportunity for the investors,” said Kshitij Purohit, Product Manager, Currency and Commodities, CapitalVia Global Research Limited. 

”Gold prices rose after a brief consolidation witnessed in the previous session, bolstered by the U.S. Federal Reserve’s pledge to maintain easy monetary policy to aid economic recovery, while a weaker dollar provided further support,” said Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services.

In global markets, gold fell today giving up early gains as U.S. Treasury yields rose ahead of the U.S. economic data, while persistent supply concerns pushed palladium to an all-time peak. ”Global gold demand in the first quarter dropped from a year ago on the back of a more than 70 per cent year-on-year decline in gold investments, according to a report from the World Gold Council released Thursday,” said Mr Purohit.

What analysts say:

“COMEX gold trades about 0.8 per cent higher near $1788/oz after a 0.3 per cent decline yesterday. Gold has edged up as the US dollar index slumped to one-month low on back of Fed’s decision to maintain its accommodative stance despite improving outlook for the US economy. Also supporting gold is hopes of additional stimulus measures by the Biden administration,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

”However, weighing on price is weaker investor buying and concerns about Indian demand. Gold may remain choppy reflecting trend in US dollar as market players counter Fed’s dovish stance against improving economic outlook,” added Mr Rao.





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Latest News Today – Gold Futures Fell Over 400 Points In Morning Session,


Gold Rates Today: Domestic spot gold closed at Rs 46,859 per 10 grams on Wednesday

Gold Price In India: Witnessing a volatile trading session in red throughout the day, domestic gold futures declined more than 400 points in the morning session on Wednesday, April 28. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 116 – or 0.25 per cent – at Rs 47,187, having swung between Rs 46,800 and Rs 47,273 during the session so far, compared to their previous close of Rs 47,303. Silver futures for a May 5 delivery were last down 1.32 per cent at Rs 68,050. (Also Read: Is Silver The New Gold?

Domestic spot gold closed at Rs 46,859 per 10 grams on Wednesday, and silver at Rs 67,700 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). 

”On the domestic front, MCX Gold June gave a gap down opening and has declined more than 400 points in the morning session. Prices breached 47000 levels and are trading below them. We may expect bears to dominate the evening session and test 46500 levels on the downside,” said  Kshitij Purohit, Product Manager, Currency and Commodities, CapitalVia Global Research Limited. 

Meanwhile, in global markets, gold slipped to a one-week low on Wednesday, pressured by a steep rise in U.S. Treasury yields and a stronger American currency, as investors awaited the Federal Reserve’s policy decision.

What analysts say:

”International Gold and Silver prices are trading on weaker note due to strong US Treasury yields and US dollar….Technically, International Gold is trading with bearish momentum and is sustaining above support of $1760-$1765 levels. We may expect a rise in prices to breach these levels in the upcoming sessions,” said Mr Purohit.
 

”COMEX gold trades about 0.5 per cent lower near $1769/oz after a 0.1 per cent decline yesterday,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

”Also weighing on price is weaker investor interest and concerns about consumer demand in India. However, supporting price is rising virus cases and loose monetary policy stance of major central banks. Gold may remain choppy ahead of Fed decision however we do not expect a sustained decline as Fed is most likely to reaffirm its dovish stance,” he added.





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