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 – 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 Slips, Silver Follows Suit

Gold Price Today: Yellow metal and silver fell slightly over global trends

Gold and silver prices in India slid slightly owing to a downwards trend in global rates with gold futures on MCX slipping to Rs 49,363 per 10 gram.

Silver futures fell 0.6 per cent to Rs 71,832 per kg. In the previous session, gold had risen to over 4-month high of Rs 49,700 per 10 gram. In India, gold rates have jumped about Rs 5,000 in past two months amid global rebound. 

In global markets, gold came down after a five-month high as higher US bond yields weighed on precious metal. Strong US economic data also took away some shine off the precious metal.

Spot gold was down 0.1 per cent at $1,898.58 per ounce, after hitting a near 5-month high of $1,916.40 on Tuesday. The dollar also strengthened against other currencies.

Gold watchers would be keenly awaiting the US employment report for May, which will be released on Friday. Also top Fed officials, including Robert Kaplan and Charles Evans, are set to speak today.

Among other precious metals, silver edged 0.1% lower to $27.88, and platinum was steady at $1,191.

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