Yellow metal prices on Thursday were trading absolutely flat as on the Multi Commodity Exchange (MCX), gold August futures were at Rs 48,307 per 10 gram, as against the previous close of Rs 48,299.
At the same time, silver September futures were slightly on the higher side as they stood at Rs 69,575 per kg, up by Rs 163 against the previous close of Rs 69,412 per kg.
At the international level also, gold prices were flat after almost touching the almost four-week high level in the previous session. Spot gold was at $1,824.81 per ounce, after hitting a month-long high since June 16 of $1,829.55 in the previous session.
Yellow metal prices had hit the roof on Wednesday after US Federal Reserve chief Jeremy Powell had indicated a boost for economic recovery.
Commenting on gold trends, Ravindra Rao, Head of Commodity Research, Kotak Securities, said, “COMEX gold trades marginally higher near $1826/oz. after a 0.8 per cent rise in the previous session. Gold rose as high as $1831.1 per ounce. in intraday trade yesterday, the highest level since June 17 and held on to its gains. Gold rose in intraday trade yesterday amid weaker US Dollar and softening US 10 year bond yields as uncertainty on US Federal’s stance on tapering bond purchases weigh. Focus for the day would be back on Powell’s second day of testimony to congress to further assess the monetary situation. US unemployment claims will also be looked at as an increase in claims might pressurize the US Dollar and in turn support the yellow metal. The general bias may be on the upside provided the US Dollar stays lower.”