Gold Price In India: Gold futures traded higher on Tuesday, October 12, as the yellow metal took cues from international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen trading higher by 0.41 per cent – at Rs 47,244, compared to their previous close of Rs 47,051. Silver futures due for a December 3 delivery were last up 0.20 per cent at Rs 61,868 against a previous close of Rs 61,744.
Domestic spot gold with purity of 24 carats opened at Rs 47,210 per 10 grams on Tuesday, and silver at Rs 61,654 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
— IBJA (@IBJA1919) October 12, 2021
Foreign Exchange Rates:
The US dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was down at 94.308. Gold, usually seen as a hedge against inflation, was slightly higher.
Spot gold was traded at $1761.37 per ounce.
What Analysts Say:
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities: “COMEX gold trades marginally higher near $1758/oz after a 0.1% decline yesterday. Gold witnessed a brief rally on Friday in reaction to US non-farm payrolls data but has retreated to trade in a narrow range near $1750/oz level. Weighing on gold is firmness in US dollar index amid higher bond yields, monetary tightening expectations and safe haven buying.”
He added that, “Gold may continue to trade in a range as Fed’s monetary tightening expectations may be countered by inflation and growth worries however we expect buying interest to emerge at lower levels as rising challenges to global economy may increase its safe haven appeal.”