Latest News Today – Yellow Metal Falls, Silver Also Down


Gold, Silver Price Today: Yellow metal and silver rates fell on Thursday

Yellow metal prices fell on Thursday as on Multi Commodity Exchange (MCX), gold August futures were trading at Rs 46,910 per gram, falling below the Rs 47,000 levels. Even in the previous session, gold futures had finished on a sluggish note at Rs 47,072 per 10 gram.

Gold prices fell on Thursday as a stronger US dollar impacted the yellow metal’s valuation in the international market.

Even silver prices were down as silver July futures traded at Rs 67,560 per kg, down from the previous close of Rs 67,932 on the MCX.

Globally, spot gold was down 0.1 per cent to $1,777.26 per ounce, and US gold futures eased 0.2 per cent to $1,779.50 per ounce.



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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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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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