Latest News Today – Yellow Metal Dips, Silver Rises


Gold Price Today: Yellow metal fell on MCX

Yellow metal rates in India dropped on Thursday as gold August futures were trading at Rs 47,739 per 10 gram on MCX. Silver September futures, though were trading higher at Rs 68,907 per kg, against the previous close of Rs 68,365 per kg.

At the international level, gold remained stable with minutes from the Federal Reserve’s last meeting revealing that it is planning to taper its asset purchases this year itself.

Meanwhile spot gold was at $1,803.01 per ounce. US gold futures edged 0.1 per cent higher to move to $1,804.30 per ounce.

“COMEX gold trades marginally lower near $1797 per ounce after a 0.4 per cent gain yesterday. Gold is pressurised by firmness in the US dollar as FOMC minutes added to uncertainty about Fed’s monetary tightening. Also weighing on price is continuing ETF outflows. However, supporting price is renewed virus concerns and uneven global economic recovery. Gold may remain sideways to lower as diverging monetary policy stance of Fed and other central banks may keep US dollar supported,” said Ravindra Rao, Vice President – Head Commodity Research at Kotak Securities, while commenting on gold trends.



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Latest News Today – Yellow Metal Surges A Day After Slump, Silver Too Up


Gold prices surged today after big fall in previous session

Gold and silver prices slid lower in Indian markets after a sharp drop in the previous session. Gold futures were up 0.32% at Rs 47,927 per 10 gram while silver moved up 0.25% at Rs 69,389 per kg.

In the previous session, gold had fell 0.83% while silver had slid 1.6%. In international markets, gold rates spiked higher as US Treasury yields fell and the dollar softened. The precious metal was also helped by sluggish global equity markets.

On MCX, gold rates have support at Rs 46,200 per 10 gram while faces resistance at ₹48,240, market watchers said.

In India, gold has risen about ₹4,000 so far this month, tracking a recovery in global rates.

“Inability to break the immediate support of $1760 there are chances of recovery upticks which may lead gold prices towards $1820 or more for the day. At the same time, an unexpected drop below $1725 is a bearish signal,” brokerage house Geojit noted.



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Gold Price Today At Rs 43,887 Per 10 Grams, Silver Rate | Sidnaz Blog


Gold Rates Today: Domestic spot gold closed at Rs 44,516 per 10 grams on Friday

Gold Price in India: Domestic gold futures registered a volatile session on Friday, March 5, as gold prices dropped by Rs 522 to Rs 43,887 per 10 grams in the national capital, tracking weaker trend in the international markets, according to HDFC Securities. Silver rates also plunged by Rs 1,822 to Rs 64,805 per kg, compared with the previous close of Rs 66,627per kg. Multi Commodity Exchange (MCX) gold futures, due for delivery tomorrow, i.e., April 5, was last seen trading 0.15 per cent higher at Rs 44,607, having swung between Rs 44,2017 and Rs 44,649 during the session compared to their previous close of Rs 44,541. Silver futures were trading lower by 1.44 per cent at Rs 64,530. (Also Read: Sovereign Gold Bonds Subscription For 12th Trance Ends Today: All You Need To Know )
 

Domestic spot gold closed at Rs 44,516 per 10 grams on Friday, and silver at Rs 65,128 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). 

In the international market, gold was trading lower at $1,696 per ounce and silver was down at $ 25.20 an ounce. Meanwhile, the rupee declined by 19 paise to close at 73.02 against the dollar due to stronger American currency and risk aversion in global markets. Brent crude futures, the global oil benchmark, gained 2.59 per cent to $ 68.47 per barrel.

What Analysts Say

“Spot prices for 24 karat gold at Delhi fell by Rs 522 in COMEX (New York-based commodities exchange) gold prices,” said  Tapan Patel,  Senior Analyst (Commodities), HDFC Securities.

”Gold prices have been falling since the news of an effective vaccine was reported, as it has ignited hope that the rising number of cases will be arrested and the pandemic will end soon. Gold prices have fallen to hit an 8-month low on rising US Treasury yield, appreciating dollar, and global economic recovery. Moving forward, treasury yield, dollar movement, and the pace of economic recovery worldwide will guide gold prices.” Nish Bhatt, Founder, and CEO, Millwood Kane International. 

”Gold remains pressurized by firmness in the US dollar on the back of higher bond yields, optimism about the US economy and safe haven buying. Also weighing on gold price is continuing ETF outflows. However, supporting price is progress on US stimulus and loose monetary policy stance of major central banks. Gold may remain under pressure unless US bond yields correct or we see concrete measures on US stimulus,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.





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Gold Price Today At Rs 44,768 Per 10 Grams, Silver Rate | Sidnaz Blog


Gold Rates Today: Domestic spot gold closed at Rs 45,217 per 10 grams today

Gold Price in India: Domestic gold futures registered a negative session on Wednesday, March 3, as gold prices dropped by Rs 208 to Rs 44,768 per 10 grams in the national capital, tracking weak global bullion market trend, according to HDFC Securities. Silver rates also declined by Rs 602 to Rs 68,194 per kg, compared with the previous close of Rs 67,592 per kg. Multi Commodity Exchange (MCX) gold futures, due for delivery tomorrow, i.e., April 5, was last seen trading 1.16 per cent lower at Rs 44,813, having swung between Rs 44,670 and Rs 45,544 during the session compared to their previous close of Rs 45,548. Silver futures were trading lower by 1.32 per cent at Rs 66,450. (Also Read: Is Silver The New Gold?

Domestic spot gold closed at Rs 45,217 per 10 grams on Wednesday, and silver at Rs 67,919 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). 

“Spot prices for 24 karat gold in Delhi fell by Rs 208 in line with decline in global gold prices and rupee appreciation,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

In the international market, gold was trading lower at $ 1,730 an ounce and silver was also marginally down at $26.68 an ounce. 

”Gold has recovered from June 2020 amid retreat in US dollar and bond yields from recent highs, optimism about US stimulus package, renewed virus concerns, mixed economic data, loose monetary policy stance of central banks and minor ETF inflows. Gold may continue to sway along with US dollar however a sustained rise is unlikely until there is sharp correction in bond yields or concrete measures on US stimulus,” said Ravindra Rao, VP, Head Commodity Research at Kotak Securities.

Meanwhile, the rupee appreciated 65 paise to settle at 72.72 against the US dollar tracking positive domestic equities and weaker American currency. Brent crude futures, the global oil benchmark, gained 1.69 per cent to $ 63.76 per barrel.





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Gold Price Today At Rs 45,520 Per 10 Grams, Silver Rate | Sidnaz Blog


Gold Rates Today: Domestic spot gold closed at Rs 45,976 per 10 grams

Gold Price in India: Domestic gold futures witnessed a positive session On Monday, March 1, as gold prices rose by Rs 241 to Rs 45,520 per 10 grams in the national capital, tracking strong global bullion market trend, according to HDFC Securities. Silver rates also jumped by Rs 781 to Rs 68,877 per kg, compared with the previous close of 68,096 per kg. Multi Commodity Exchange (MCX) gold futures, due for delivery tomorrow, i.e., April 5, was last seen trading 0.19 per cent higher at Rs 45,825.00, having swung between Rs 45,626.00 and Rs 46,139.00 during the session compared to their previous close of Rs 45,736. Silver futures were trading higher by 1.49 per cent at Rs 68,265. (Also Read: Is Silver The New Gold?

Domestic spot gold closed at Rs 45,976 per 10 grams on Monday, and silver at Rs 68,466 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). 

“Spot prices for 24 karat gold in Delhi rose by Rs 241, in line with the recovery in global gold prices while rupee appreciation capped upside,” said Tapan Patel, HDFC Securities Senior Analyst (Commodities). The spot rupee was trading around 16 paise stronger against the dollar, halting three days of loss, during the intra-day session,” added HDFC Securities.

In the international markets, gold was trading stronger at $ 1,753 an ounce, while silver was up at $ 26.90 an ounce. 

“Gold bounced back on back of progress on US stimulus front and correction in US dollar and bond yields. However, weighing on price is continuing ETF outflows. Gold plunged sharply and we are now seeing some relief rally however sharp gains are unlikely until US bond yields correct sharply or US stimulus is approved,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Meanwhile, the rupee settled eight paise lower to 72.33 against the dollar tracking a rise in global crude oil prices. Brent crude futures, the global oil benchmark, rose 1.69 per cent to $ 65.51 per barrel.





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Gold Price Today At Rs 46,395 Per 10 Grams, Silver Rate | Sidnaz Blog


Gold Rates Today: Domestic spot gold closed at Rs 46,439 per 10 grams on Thursday

Gold Price in India: Domestic gold futures witnessed a slightly positive session on Thursday, February 18, after plunging to record lows in the past few days. Gold prices recovered Rs 158 to Rs 46,395 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand. Silver prices also recovered Rs 68,239  per kg. Multi Commodity Exchange (MCX) gold futures, due for delivery tomorrow, i.e., April 5, was last seen trading 0.06 per cent higher at Rs 46,263.00, having swung between Rs 46,212.00 and Rs 46,498.00 during the session compared to their previous close of Rs 46,237. Silver futures were trading lower by 0.68 per cent at Rs 68,760. (Also Read: Is Silver The New Gold?

Domestic spot gold closed at Rs 46,439 per 10 grams on Thursday, and silver at Rs 68,700 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). Gold prices traded 0.47 per cent higher at $ 1,781.10 per ounce in New York. Analysts said that fresh positions built up by participants led to the rise in gold prices.

Newsbeep

“COMEX gold trades higher near $1782/oz after a 1.5 per cent decline yesterday when it slumped to Nov.2020 lows. Gold has inched up as US bond yields retreated from one-year high while FOMC minutes showed that the central bank may keep monetary policy accommodative. However, weighing on price is reduced safe-haven demand and continuing ETF outflows. Gold is seeing some recovery after recent sell-off however the momentum may remain weak unless price rescales $1800/oz or there is a sharp correction in the US dollar,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Meanwhile, the rupee settled marginally higher by nine paise against the US dollar at 72.65 (provisional) amid muted domestic equities. Brent crude futures, the global oil benchmark, advanced 0.28 per cent to $ 64.52 per barrel.





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Gold Price Today At Rs 48,877 Per 10 Grams, Silver Rate | Sidnaz Blog


Gold Rates Today: Domestic spot gold closed at Rs 49,479 per 10 grams

Gold Price in India: Domestic gold futures witnessed a volatile trading session on Wednesday, as the prices declined amid rupee appreciation capped upside in the price of the precious metal. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading higher by 0.62 per cent – at Rs 49,350, having swung between Rs 49,130 and Rs 49,447 during the session compared to their previous close of Rs 49,045. Silver futures for a March 5 delivery were lower by 0.17 per cent at Rs 65,792. (Also Read: Is Silver The New Gold?

In the national capital, gold prices fell Rs 108 to Rs 48,877 per 10 gram, according to HDFC Securities. Silver prices rose Rs 144 to Rs 65,351 per kilogram from Rs 65,207 per kilogram in the previous trade.

Domestic spot gold closed at Rs 49,479 per 10 grams on Wednesday, and silver at Rs 65,445 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). In the international market, gold was trading with gains at $1,857 per ounce, while silver was quoting flat at $25.48 per ounce.

Newsbeep

“COMEX gold trades about 0.9 per cent higher near $1961/oz after a 0.4 per cent decline yesterday. Gold trades higher supported by retreat in the US dollar index after recent gains. Also supporting the price is hopes of higher US stimulus, rising virus cases and impeachment proceedings against US President Trump. However, weighing on price is the lack of ETF buying and progress on vaccination. Gold may remain choppy amid lack of fresh triggers however general bias may be on the upside owing to increased stimulus expectations,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Meanwhile, the rupee gained for the second straight day and climbed 10 paise against the US dollar on January 13, to settle at 73.15 (provisional) supported by sustained foreign fund inflows. Brent crude futures, the global oil benchmark, rose 0.18 per cent to $ 56.68 per barrel.





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