Gold Price in India: Amid a slump in gold prices, domestic gold futures witnessed a volatile trading session on Wednesday, February 24. In the national capital, gold rates plunged Rs 148 to Rs 46, 307 per 10 gm due to overnight selling in global prices, according to HDFC Securities. Silver prices also slumped by Rs 886 to Rs 68,676 per kg, as compared to the previous close of Rs 69, 562. Multi Commodity Exchange (MCX) gold futures, due for delivery tomorrow, i.e., April 5, was last seen trading 0.87 per cent lower at ₹ 46,393, having swung between ₹ 46,268 and ₹ 46,857 during the session compared to their previous close of ₹ 46,802. Silver futures were last trading marginally higher by 0.02 per cent at Rs 69,353. (Also Read: Is Silver The New Gold?)
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Domestic spot gold closed at ₹ 46,838 per 10 grams on Wednesday, and silver at ₹ 69,226 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
“COMEX gold trades marginally higher near $1810/oz after a 0.1 per cent decline yesterday. Supporting gold price is Fed’s support for loose monetary policy stance and retreat in US bond yields from recent high. However, weighing on price is continuing ETF outflows, some better than expected US economic data and improving virus situation. Gold is holding above $1800/oz and Fed’s loose monetary policy stance may support price however a sharp rise is unlikely until US bond yields correct sharply,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
“Spot gold prices for 24 karat gold at Delhi traded down by Rs 148 reacting overnight selling in global gold prices and rupee appreciation,” said Tapan Patel, HDFC Securities Senior Analyst (Commodities)
The spot rupee was trading around 12 paise stronger against the dollar. In the international markets, gold prices were trading steady at $1,807 an ounce and silver was almost flat at $27.63. Meanwhile, the rupee gained 11 paise to settle at 72.35 against the dollar. Brent crude futures, the global oil benchmark, rose 0.76 per cent to $ 65.87 per barrel.