Gold Prices Today: Gold, Silver Prices Tumble On Global Cues


Gold Prices Today: Gold, Silver Prices Tumble On Global Cues

Gold Price In India: Gold futures traded lower on Monday, October 11, as the yellow metal took cues from international markets. On the Multi Commodity Exchange (MCX), gold futures due for an December 3 delivery, were last seen trading lower by 0.37 per cent – at Rs 46,864, compared to their previous close of Rs 47,037. Silver futures due for a December 3 delivery were last down 0.52 per cent at Rs 61,480 against a previous close of Rs 61,801.

Domestic spot gold with purity of 24 carats opened at Rs 46,966 per 10 grams on Friday, and silver at Rs 61,475 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

The dollar was underpinned as U.S. yields outpaced those in Germany and Japan, lifting it to the highest since late 2018 on the yen at 112.67. The dollar index held at 94.133, just off the recent top of 94.504.

The firmer dollar and higher yields have weighed on gold, which offers no fixed return, and left it sidelined at $1,756 an ounce.

What Analysts Say:

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:

“COMEX gold trades marginally lower near $1756/oz after a 0.4% decline yesterday. Gold trades under pressure amid firmer US dollar and higher bond yields amid increased expectations of Fed’s monetary tightening. ETF outflows also show weaker investor interest. However, supporting price is safe haven buying amid increasing challenges for global economy and improvement in consumer demand. Gold may remain rangebound as firmer US dollar will be countered by weaker risk sentiment however lower price may attract some buying amid weaker risk appetite.”


Source link

Leave a Reply

Your email address will not be published.