Gold, silver prices were trading high on Monday after last week s fall
Gold and silver prices moved a bit on the higher side on Monday after a sharp fall last week in Indian markets. On MCX, gold rates were up 0.6 per cent to Rs 47,004 per 10 gram while silver rose 0.6 per cent to Rs 68,789 per kg.
Gold ETF holdings continued with outflow as holdings at SPDR Gold Shares declined to 1,017 tonnes from previous week s 1,020 tonnes. The CFTC data showed that money managers decreased their net long positions by 6146 lots in last week.
Commodity prices traded mixed during the week passed by with Bullion prices witnessed decline for the second week with risk on sentiments. Base metals continued to trade higher with Nickel rallying the most followed by Copper and Lead on a strong demand outlook. Crude oil prices traded higher on demand, growth prospectus.
Gold and silver prices soared today breaking losing streak
Breaking its five-day declining streak, MCX gold June futures on Thursday were trading higher at Rs 47,256 per 10 gram, as against the previous close of Rs 47,093. MCX silver June futures too moved up and were at Rs 69,788 per kg. Silver futures had closed at Rs 69,043 per kg in the previous session.
Gold prices broke their free fall after the US Federal Reserve decided to keep the interest rates unchanged to near zero in its meeting which ended on April 28.
Meanwhile internationally, gold prices rose on Thursday propelled by the US Federal Reserve s announcement to implement a friendly monetary policy aimed at helping economic recovery. At the same time, a weaker dollar provided further support.
Domestic spot gold closed at Rs 44,516 per 10 grams on Friday, and silver at Rs 65,128 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
In the international market, gold was trading lower at $1,696 per ounce and silver was down at $ 25.20 an ounce. Meanwhile, the rupee declined by 19 paise to close at 73.02 against the dollar due to stronger American currency and risk aversion in global markets. Brent crude futures, the global oil benchmark, gained 2.59 per cent to $ 68.47 per barrel.
What Analysts Say Spot prices for 24 karat gold at Delhi fell by Rs 522 in COMEX (New York-based commodities exchange) gold prices, said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Gold Rates Today: Domestic spot gold closed at Rs 45,217 per 10 grams today
Gold Price in India: Domestic gold futures registered a negative session on Wednesday, March 3. Spot gold prices dropped by Rs 208 to Rs 44,768 per 10 grams in the national capital, tracking weak global bullion market trend, according to HDFC Securities. Silver rates also declined by Rs 602 to Rs 68,194 per kg, compared with the previous close of Rs 67,592 per kg. Multi Commodity Exchange (MCX) gold futures, due for an April 5 delivery, was last seen trading 1.16 per cent lower at Rs 44,813, having swung between Rs 44,670 and Rs 45,544 during the session compared to their previous close of Rs 45,548. Silver futures were trading lower by 1.32 per cent at Rs 66,450. (Also Read: Is Silver The New Gold?)