Gold Price in India: Domestic gold futures registered a negative session on Wednesday, March 3, as 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 delivery tomorrow, i.e., April 5, 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?)
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Domestic spot gold closed at Rs 45,217 per 10 grams on Wednesday, and silver at Rs 67,919 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
“Spot prices for 24 karat gold in Delhi fell by Rs 208 in line with decline in global gold prices and rupee appreciation,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
In the international market, gold was trading lower at $ 1,730 an ounce and silver was also marginally down at $26.68 an ounce.
”Gold has recovered from June 2020 amid retreat in US dollar and bond yields from recent highs, optimism about US stimulus package, renewed virus concerns, mixed economic data, loose monetary policy stance of central banks and minor ETF inflows. Gold may continue to sway along with US dollar however a sustained rise is unlikely until there is sharp correction in bond yields or concrete measures on US stimulus,” said Ravindra Rao, VP, Head Commodity Research at Kotak Securities.
Meanwhile, the rupee appreciated 65 paise to settle at 72.72 against the US dollar tracking positive domestic equities and weaker American currency. Brent crude futures, the global oil benchmark, gained 1.69 per cent to $ 63.76 per barrel.