Page 3 - Head Commodity News Today

As the financial year 2023-24 (April-March) is set to close in a week, golds returns so far amount to an impressive 11% beating the inflation by nearly twice. However, returns by silver over the same period have been a mere 3.2%.

Gold and silver contracts opened positively on Wednesday, with April gold futures gaining 0.12% and May silver futures rising by 0.10%. Prices have declined from their all-time high due to fears of prolonged elevated interest rates and higher consumer inflation in the US. MCX gold prices have risen 4.78% MTD and 3.73% YTD.

The Dollar Index (DXY) has corrected by 1.05% in the past five trading sessions falling below the 103 mark against a pack of six major currencies. Today, it was trading with a minor uptick at 102.74, up by 0.03 points or 0.03%.

Anuj Gupta, Head Commodity & Currency, HDFC Securities recommends long-term investors to accumulate gold in a staggered manner rather than investing in one shot. A 3% to 5% correction in gold prices is a good opportunity. Equities, bullion, and cryptocurrencies are all performing well. Safe haven premiums, high liquidity, and the Fed nearing a pivot will keep gold shining.

Gold Price Today: The bias in gold was positive in the opening trade today with MCX April gold futures trading at Rs 62,210 per 10 grams, up by Rs 43 or 0.07% while the March Silver contracts were trading at Rs 71,421 per kg, higher by Rs 166 or 0.23%. Track prices here

The cues from international markets were positive around this time. On the Comex, gold futures were trading at $2,033.50 per troy ounce, up by $9.40 or 0.46%, while Silver futures were hovering at $23.185 per troy ounce, lower by $0.290 or 1.240%.

Analyst Anuj Gupta predicts moderately bullish outlook for crude oil with prices likely to remain at current levels due to higher supply from non-OPEC producers and patchy demand from China and Eurozone. Middle East tensions and US dollar strength also impact prices.

On Tuesday, the MCX Gold April contract closed at Rs 61,497, down by Rs 7 or 0.01% while the March Silver futures settled at Rs 69,622, up by Rs 17 or 0.02%.

The exchange deferred the timings of resumption twice before the trade started. In a circular issued by MCX, it said that the trading hours for the commodity derivatives segment for February 13, 2024, have been revised from 9 am to 1 pm.

Gold and silver contracts resumed trading on Tuesday after a four-hour delay amid a technical glitch that forced a shutdown of trade on the Multi Commodity Exchange (MCX).