Gold Price in India: Domestic gold futures saw a volatile trading session on Wednesday, as prices fell amid the rupee appreciation capped on the rise in the precious metal’s price. Multi Commodity Exchange (MCX) gold futures, scheduled for delivery on February 5, were last seen up 0.62% – to Rs 49,350, after hovering 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 0.17% lower at Rs 65,792. (Also read: Is silver the new gold?)
In the nation’s capital, gold prices have fallen from Rs 108 to Rs 48,877 per 10 grams, according to HDFC Securities. Silver prices increased by 144 rupees to 65,351 rupees per kilogram, compared to 65,207 rupees per kilogram in the previous trade.
– IBJA (@ IBJA1919) January 13, 2021
National spot gold closed at Rs 49,479 for 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 Jewelers Association (IBJA ). In the international market, gold was trading with gains of $ 1,857 per ounce, while silver was trading at $ 25.48 per ounce.
“COMEX gold is trading about 0.9% closer to $ 1961 / ounce after falling 0.4% yesterday. Gold is trading higher, supported by the decline in the US dollar index after recent gains. Hopes of a stronger US stimulus, an increase in virus cases and an impeachment proceeding against US President Trump are also supporting the price. However, the lack of purchase of ETFs and advances in vaccination are weighing on the price. Gold may remain volatile despite the lack of new triggers, but a general bias may be on the upside due to increased stimulus expectations, ” said Ravindra Rao, vice president of gold research. commodities at Kotak Securities.
Meanwhile, the rupee gained for the second day in a row and climbed 10 paise against the US dollar on January 13, to stand at 73.15 (tentative) supported by sustained inflows of foreign funds. Futures on Brent, the world’s benchmark for oil, rose 0.18% to $ 56.68 per barrel.