Yellow metal prices were down on Thursday on the MCX as gold October futures were trading at Rs 47,054 per 10 grams, down by Rs 14 against the previous close of Rs 47,068. Silver December futures too were down and traded at Rs 63,768 per kg, down by Rs 72 from the previous session’s rate of Rs 63,840 per kg.
In the international market, gold prices were stable as investors await the US jobs data which will have an impact on the US Federal Reserve’s rates tapering plan. Spot gold was steady at $1,814.54 per ounce, while US gold futures were at $1,817.20.
Some commodity watchers also feel that if the US jobs data is not on expected lines, then gold prices could go beyond the $1,800 mark.
Commenting on gold price trends, head of commodity research at Kotak Securities, Ravindra Rao said, “COMEX gold trades little changed near $1,815 per ounce after a 0.1 per cent decline yesterday. Gold is range bound amid continuing debate over Fed’s monetary policy. Also support from virus concerns, mixed economic data from major economies and tensions in Afghanistan is countered by continuing ETF outflows and general positive trend in equities. Gold may remain volatile amid Fed uncertainty but global growth and inflation concerns may continue to support.”