Latest News Today – Yellow Metal Falls, Silver Too Slides


Gold Price Today: Yellow metal and silver rates fell on the MCX

Gold prices in India fell on Monday as yellow metal futures on MCX stood at Rs 47,719 per 10 grams. Silver futures also slid and stood at Rs 69,196 per kg.

Meanwhile the gold spot price today was at Rs 47,810 with no change over yesterday. 

In the international markets, yellow metal prices were stable and stood at $1802.8 per Troy ounce. Silver prices fell to $26.0 per Troy ounce.

Commenting on the gold price trends, Ravindra Rao, Head of Commodity Research at Kotak Securities said, “COMEX gold trades marginally lower near $1805 per ounce after a 0.6 per cent gain on Friday. Gold eased as US bond yields came off the lows amid stability in equity markets. Also weighing on price is weaker investor interest and Fed’s monetary tightening expectations. However, supporting price is rising virus concerns, US-China tensions and inflationary concerns. Gold may remain choppy amid lack of fresh cues however increasing challenges may improve safe haven appeal.”



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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 – Yellow Metal Jumps To Near Four-Month High, Silver Too


Gold prices today surged to a near four-months high

Gold and silver prices on Monday surged in Indian markets as on MCX, gold rose 0.24 per cent to near four-month high of Rs 48,519 while silver rates jumped 0.5 per cent to Rs 71,440 per kg. In the previous session gold had declined 0.22 per cent while silver had slumped 1.7 per cent.

In international markets, gold inched higher to near 4-month high as a slide in cryptocurrencies further lifted the safe-haven metal’s appeal.

The precious metal was also supported by a weaker US dollar and expectations of growing inflationary pressure. Spot gold was up 0.2 per cent at $1,883.21 per ounce. Among other precious metals, silver gained 0.4 per cent to $27.64 while platinum climbed 0.6 per cent to $1,173.03.



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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 – Yellow Metal Trades High At Rs 47,004, Silver Too Up


Gold, silver prices were trading high on Monday after last week’s fall

Gold and silver prices moved a bit on the higher side on Monday after a sharp fall last week in Indian markets. On MCX, gold rates were up 0.6 per cent to Rs 47,004 per 10 gram while silver rose 0.6 per cent to Rs 68,789 per kg.

Gold ETF holdings continued with outflow as holdings at SPDR Gold Shares declined to 1,017 tonnes from previous week’s 1,020 tonnes. The CFTC data showed that money managers decreased their net long positions by 6146 lots in last week.

Commodity prices traded mixed during the week passed by with Bullion prices witnessed decline for the second week with risk on sentiments. Base metals continued to trade higher with Nickel rallying the most followed by Copper and Lead on a strong demand outlook. Crude oil prices traded higher on demand, growth prospectus.

Gold prices in India after hitting a record high of Rs 56,200 in August last year has seen a sharp fall from those levels.

In international markets, gold rates were today flat, pressured by a stronger dollar. Spot gold was trading at $1,770.66 per ounce while silver was steady at silver $25.90 per ounce. A stronger dollar index makes gold more expensive for other currency holders.



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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 – Yellow Metal Breaks Losing Streak, Trades At Rs 47,256


Gold and silver prices soared today breaking losing streak

Breaking its five-day declining streak, MCX gold June futures on Thursday were trading higher at Rs 47,256 per 10 gram, as against the previous close of Rs 47,093. MCX silver June futures too moved up and were at Rs 69,788 per kg. Silver futures had closed at Rs 69,043 per kg in the previous session.

Gold prices broke their free fall after the US Federal Reserve decided to keep the interest rates unchanged to near zero in its meeting which ended on April 28.

Meanwhile internationally, gold prices rose on Thursday propelled by the US Federal Reserve’s announcement to implement a friendly monetary policy aimed at helping economic recovery. At the same time, a weaker dollar provided further support.

Spot gold was up 0.2 per cent at $1,784.94 per ounce, having dipped to $1,762 in the previous session, its lowest since April 16. US gold futures rose 0.6 per cent to $1,784.50 per ounce.

The dollar index edged 0.1 per cent lower against its rivals, boosting gold’s appeal for other currency holders.

Concerns over the economic impact of the second wave of corona pandemic and a softer US dollar also benefited the yellow metal. 



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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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Latest News Today – Gold Futures Falls Over 300 Points; Trades Below Rs


Gold Rates Today: Domestic spot gold closed at Rs 47,814 per 10 grams on Thursday

Gold Price In India: Witnessing a volatile trading session throughout the day, domestic gold futures declined more than 300 points on Thursday, April 22. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 455 – or 0.94 per cent – at Rs 47,773, having swung between Rs 47,660 and Rs 48,260 during the session so far, compared to their previous close of Rs 48,228. Silver futures for a May 5 delivery were last down 1.17 per cent at Rs 69,516. MCX Silver futures fell around 600 points since its previous close. (Also Read: Is Silver The New Gold?

Domestic spot gold closed at Rs 47,814 per 10 grams on Thursday, and silver at Rs 69,800 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 opened on a flat note and has declined more than 300 points since morning. Prices have taken the support of 50-SMA and may rise from here, testing 48250-48400 levels on the upside in the evening session,” said Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited. 

”MCX Silver May opened on a flat note and has fallen approx 600 points since the previous close. Support of 69400-69150 levels may be tested in the upcoming session after which prices may rise and continue to trade in the uptrend,” he added.

Meanwhile, in global markets, gold declined, retreating from a two-month high as an upbeat jobs report in the US indicated steady economic recovery, that hurt the metal’s appeal. Palladium held its near an all-time high.

What analysts say:

”International Gold and Silver prices are trading marginally on the weaker side as Covid vaccination process around the globe has gained speed. Weaker US Treasury yields and US dollar has capped the precious metals’ appeal,” added Mr Purohit.

”COMEX gold trades mixed near $1795/oz after a 0.8 per cent gain yesterday. Gold remains supported by lower bond yields, general weakness in the US dollar, worsening virus situation and rising US-Russia tensions. However, weighing on price is lack of investor buying and concerns about India’s consumer demand owing to sharp price gains,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.





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Latest News Today – Gold Scales 7-Week Peak, Gold Futures Rebound To Trade


Gold Rates Today: Domestic spot gold opened at Rs 47,169 per 10 grams on Friday

Highlights

  • Gold futures traded above Rs 47,000 mark today
  • Gold prices may fall in the upcoming session, say experts
  • Gold scaled a seven-week peak today as US yields retreated

Gold Price In India: Domestic gold futures witnessed a volatile trading session on Friday, April 15. On Multi Commodity Exchange (MCX) gold futures, due for a June 4 delivery, were last seen trading higher by Rs 248 – or 0.53 per cent – at Rs 47,423, having swung between Rs 46,820 and Rs 47,432 during the session so far, compared to their previous close of Rs 47,175. Silver futures for a May 5 delivery were last up 0.77 per cent at Rs 69,068. Some experts believe that a pickup in the global economy may lead to subdued gold rates (Also Read: Is Silver The New Gold?

Some experts predict that domestic gold prices could hover in the range of Rs 46,850- 47,450. Domestic spot gold closed at Rs 47,169 per 10 grams on Friday, and silver at Rs 68,810 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Gold Scaled Seven-Week Peak As US Yields Retreat

Gold prices today scaled a seven-week high and were set for their best weekly gain since mid-December as a pullback in U.S treasury yields and the American currency lifted the yellow metal’s appeal. Some analysts expect a decline in prices in the upcoming session. Low prices could provide a good opportunity for traders to invest.

”International Gold and Silver prices are trading with gains as US Treasury yields and US dollar weakened, lifting the precious metals’ appeal……Technically, International Gold is trading bullish momentum. Prices breached the resistance of $1750- $1760 levels and are sustaining above them,” said Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited.

”On the domestic front, MCX Gold June opened on a negative note and has been trading near the monthly high of 47279. A decline was witnessed in the early hours of the day which was covered in the afternoon session. We may expect a dip in prices in the upcoming session, which could act as a buying opportunity for the traders,” said Mr Purohit.

”Like Gold, International Silver is also trading with bullish momentum. Prices are sustaining above the resistance levels of $25.5-$25.6 and are trading at $26.20 levels for the first time in this month. MCX Silver May opened on a negative note and has been trading with positive bias below 69000 levels. We may expect a marginal fall in prices till the levels of 68600-68400 in the evening session after which bulls may dominate,” he added.

What analysts say:

“Gold traded higher to a more than one-month peak as U.S. Treasury yields slipped despite better than expected U.S. economic data, pushing investors to bullion as a refuge against possible inflation ahead. Concerns regarding inflation is increasing ahead of massive fiscal aids and ultra-low interest rates across the globe supporting the metal,” said Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

Gold prices also got a boost after the U.S. government imposed a broad array of sanctions on Russia as punishment for alleged misdeeds, including interfering in the 2020 U.S. election after a positive retail sales and weekly jobless claims… Broader range on COMEX could be between $1745- 1778 and on the domestic front prices could hover in the range of Rs 46,850- 47,450,” he added.

“The rise in the number of COVID19 cases, fear of the next wave coupled with rising inflation in the US, lower yields, weak US Dollar, and the QE program by the US government has also provided strength to the gold prices. The current situation of rising cases threatens to derail the economic recovery in Q1, create uncertainties. The situation may lead to elevated gold prices in the short term till the situation stabilizes,” said Mr. Nish Bhatt, Founder & CEO, Millwood Kane International – an investment consulting firm

”The retail demand in India has been rising due to festive season buying has also provided support to gold prices. A pick-up in global economic activity will lead to subdued gold prices, but the risk of the second wave, uncertainty remains which may guide gold prices in the longer term,” he added.





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