Latest News Today – Yellow Metal Shows Nominal Rise, Silver Moves Up

Gold Price Today: Yellow metal prices showed a nominal rise

Yellow metal prices witnessed a nominal rise on Monday as on the Multi-Commodity Exchange (MCX), August gold contracts jumped 0.25 per cent to Rs 47,653 for 10 grams. Silver also moved upwards as September futures climbed 0.04 per cent to reach Rs 67,194 per kilogram.

Meanwhile in the international market, gold prices witnessed a fall as spot gold dropped by 0.1 per cent to $1,799.89 per ounce. US gold futures fell by a meagre margin of 0.2 per cent to $1,798.90 per ounce.

Globally, investors are keeping a close watch on the Federal Open Market Committee’s meeting this week. It is generally being speculated that the US central bank will keep the policy rates and stance unchanged during the meeting. 

“COMEX gold trades marginally higher near $1,807 per ounce after a 0.2 per cent decline in previous session. Gold inched up amid choppiness in US dollar, increasing virus concerns, US-China tensions and China’s crackdown on technology firms. However, weighing on price is continuing ETF outflows, weaker consumer demand and uncertainty ahead of the Fed meeting this week. Gold may remain supported near $1,800 per ounce until dollar is steady,” said Ravindra Rao, Head Commodity Research at Kotak Securities.

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Latest News Today – Gold Price Today In India on June 28,2021:Yellow Metal

Gold Price Today: Yellow metal prices were at two-months low

Yellow metal prices in India were flat due to global cues, as on the MCX, gold futures were at a two months low of Rs 46,970 per 10 grams. Demand for gold remained sluggish last week in the retail market despite the fall in its price.

Silver prices however moved up to trade at Rs 68,049 per kg. 

Gold prices struggled in India today amid weak global cues. On MCX, gold futures were flat at nearly two-months low of Rs 46,970 per 10 gram while silver rates edged up to Rs 68,049 per kg. Despite the price dip, retail gold demand in India remained weak the previous week.

In the international markets, yellow metal rates fell to a week’s low due to a stronger dollar. Spot gold was down to $1,777 per ounce. 

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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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