Gold, Silver Trade Marginally Higher On Firm Global Cues

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Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3%.

Gold, Silver Price Today: Gold and silver prices were trading marginally higher on the back of firm global cues after the US dollar retreated from multi-month highs, while investor concerns that the Delta coronavirus variant could dampen the global economic recovery also lifted bullion’s safe-haven appeal. Gold futures for delivery in September rose as much as 0.22 per cent to Rs 47,260 per 10 grams on the Multi Commodity Exchange.

Gold’s advance has, thus, far been capped largely by concerns over the Fed’s tapering, OCBC analysts said in a note.

“We expect gold to continue trading within a broad sideway trend of $1,750-$1,800 for now, although our near-term bias is to the upside.”

Highlighting the heavy toll from the recent surge in infections, Japan’s factory activity growth slowed in August, while that of the services sector shrank at the fastest pace since May last year.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3 per cent to 1,011.61 tonnes on Friday.

Back home, in spot market, fine gold with purity of 24 carats was priced at Rs 47,306 per 10 grams, according to India Bullion & Jewellers Association. Likewise, 22 carat gold was being retailed at Rs 43,332, 18 carat gold was priced at Rs 35,480 and 14 carat gold was being sold at Rs 27,674 per 10 grams in spot market.

“COMEX gold trades marginally higher near $1787/oz after a 0.1 per cent gain on Friday. Gold is supported by correction in the US dollar index, rising virus cases, slowdown in the Chinese economy and geopolitical tensions relating to Afghanistan. However, weighing on price is weaker investor interest as is evident from ETF outflows and stability in equities after recent losses. Gold may continue within a narrow range amid mixed factors however a sharp rise is unlikely until it breaks past the $1800/oz level.” Ravindra Rao, Head Commodity Research at Kotak Securities told NDTV.

Silver was also witnessing buying interest as silver futures for delivery in September rose as much as 0.7 per cent to hit an intraday high of Rs 62,156 per kilogram. In spot market silver was priced at Rs 62,202 per kilogram.



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