Gold Price in India: Domestic gold futures witnessed a volatile trading session on Wednesday, February 3, as prices fluctuated throughout the trading session. In the national capital, gold rates slipped by Rs 232 to Rs 47,387 per 10 gm amid a decline in global precious metal prices, according to HDFC Securities. Silver prices also declined by Rs 1,955 to Rs 67,605 per kg, as compared to the previous close of Rs 69,560. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, swung between Rs 47,725 and Rs 47,955 during the session compared to their previous close of Rs 47,751. Silver futures for a March 5 delivery were trading higher by 1.59 per cent at Rs 68,616. (Also Read: Is Silver The New Gold?)
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Domestic spot gold closed at Rs 47,976 per 10 grams on Wednesday, and silver at Rs 67,496 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
“COMEX gold trades 0.5% higher near $1842/oz after a 1.6% decline yesterday. Supporting gold price is hopes of additional US stimulus, disappointing Chinese economic data and loose monetary policy stance of major central banks. However, weighing on price is recent gains in the US dollar and progress on the vaccine front. Gold may continue to witness mixed trade unless there is clarity on US dollar trend however we expect price to trade with a positive bias on US stimulus expectations and loose monetary policy stance of central banks,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
In the international market, gold was quoting lower at $ 1,835 per ounce and silver was flat at $ 26.78 per ounce. Gold prices are trading under pressure on stronger dollar and rally in equity indices, according to Tapan Patel, HDFC Securities, Senior Analyst (Commodities)
Meanwhile, the rupee ended on a flat note and settled one paisa higher against the US dollar on Wednesday, at 72.95 (provisional) amid a firm trend in the domestic equity markets. Brent crude futures, the global oil benchmark, rose 0.99 per cent to $ 58.03 per barrel.