Page 4 - March Silver News Today

India Business News: Gold prices decline due to rise in dollar index; MCX February gold futures perform poorly. Experts suggest selling gold due to decline in investor int

The dollar index (DXY) was trading slightly lower at 102.90 against a basket of six top currencies, up by 0.50 points or 0.49%. It has appreciated 0.32% over the past five trading sessions.

Gold traded in the green on Monday in the early trade extending gains for the third straight session riding on tension in the Middle East. The Dollar Indexs (DXY) weakness further aided its cause with the US producer price data last week renewing bets for an early rate cut by the Federal Reserve and thus triggering a slide in the greenback.

Taking cues from the international market, MCX February gold futures were trading in the green. They were hovering around Rs 62,209 per 10 grams, up by Rs 421 or 0.68% from Thursdays closing price. Meanwhile, the March Silver futures were trading at Rs 71,897 per kg, higher by Rs 543 or 0.76%.

"The dollar index has recovered from lower levels after FOMC minutes stated that the time of interest rate cut is not yet confirmed. We also see thin demand for gold and silver in the physical markets," Anuj Gupta, Head-Commodity & Currency, HDFC Securities said.

Comex Gold futures were trading at $2,036.40 per troy ounce on Wednesday, up by $3.40 or 0.17% while Silver futures were trading at $23.170, lower by $0.079 or 0.340%.

US inflation data is expected to show a mild pick-up in December, which, coupled with the strong non-farm payrolls data, gives the US Fed more headroom to keep rates higher for longer

Comex Gold futures were trading at $2,039.60 per troy ounce on Tuesday, up by $6.10 or 0.30% while Silver futures were trading at $23.335, lower by $0.025 or 0.110%.

While the market breadth remained marginally skewed in favour of the bulls with 27 stocks in Nifty trading in the green, several heavy-weights pared-off morning gains. The top gainers were Hero MotoCorp, Adani Ports, SBI Life Insurance Company, Apollo Hospitals and Adani Enterprises while biggest laggards included Britannia Industries, Bajaj Finserv, Nestle India, HDFC Life and Asian Paints.

Taking cues from the international market, MCX February gold futures were trading with a negative bias in the opening trade. They were hovering around Rs 62,358 per 10 grams around 11 am, down Rs 199 or 0.32% from Fridays closing price. Meanwhile, the March Silver futures were trading at Rs 72,285 per kg, down Rs 302 or 0.42%.