Gold Price in India: Domestic gold futures recorded a volatile trading session on Thursday, January 14, as prices fell sharply, plunging below the level of Rs 49,000. Silver rates also fell sharply . Multi Commodity Exchange (MCX) gold futures, which were due for delivery on February 5, were last seen down 0.48% – to Rs 49,070, after switching between Rs 48,751 and Rs 49,211 during the session compared to their previous close of Rs 49,305. Silver futures for a March 5 delivery were trading slightly higher by 0.03% at Rs 66,041 (Also read: Is silver the new gold?)
– IBJA (@ IBJA1919) January 14, 2021
Domestic spot gold closed at Rs 49,011 per 10 grams Thursday, and silver at Rs 64,804 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewelers Association (IBJA ).
“COMEX gold is trading 0.45 percent lower near $ 1,837 / ounce after gaining 0.6 percent yesterday. Gold continues to trade in a wide range, with support for the higher US stimulus, rising virus cases, impeachment proceedings against President Trump being thwarted by vaccine advances and lower interest from investors, as shown by ETF cash outflows. Gold may remain volatile unless there are new triggers, but the general expectation of a higher US stimulus may continue to support prices, ” said Ravindra Rao, vice president of the commodity research at Kotak Securities.
Meanwhile, the rupee gained 11 peas against the US dollar on Thursday and settled at 73.04 (provisional), supported by the weakness of the US currency and sustained inflows of foreign funds. Futures contracts on Brent, the world’s benchmark for oil, fell 0.21% to $ 55.94 per barrel.