Gold, Silver Trade Marginally Higher On Firm Global Cues

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In international markets, gold prices moved up on Friday.

Gold, Silver price today: Gold and silver prices edged higher on Friday on the back of firm global cues. Gold futures for delivery in October rose as much as 0.27 per cent to hit an intraday high of Rs 46,490 on the Multi Commodity Exchange (MCX). In spot market fine gold with purity of 24 carat was priced at Rs 46,531 per 10 grams, 22 carat gold was being sold at Rs 44,950, 18 carat gold was retailed at Rs 37,230 and 14 carat gold was being sold at Rs 30,940, according to India Bullion & Jewellers Association.

In international markets, gold prices moved up on Friday, underpinned by concerns over the rapid spread of the Delta coronavirus variant, although a resilient dollar capped gains and kept bullion on track for its second straight weekly decline.

Spot gold rose 0.2 per cent to $1,755.30 per ounce by 0339 GMT. It is down 0.4 per cent so far for the week.

U.S. gold futures were up 0.3 per cent at $1,756.30.

Gold is seen as a hedge against inflation, but a Fed rate hike will increase the opportunity cost of holding non-yielding bullion while boosting the dollar.

Back home, silver was also witnessing buying interest as silver futures on MCX for delivery in September rose as much as 0.4 per cent to Rs 62,097. In spot market, silver was priced at Rs 62,722 per kilogram.

“COMEX gold trades modestly higher near $1756/oz after a 0.1 per cent decline yesterday. Gold inched up amid choppiness in US dollar post recent gains as mixed inflation readings has added to uncertainty about Fed’s monetary tightening. Also supporting prices are rising virus cases and concerns about the health of Chinese economy. However, weighing on price is firmness in equities and lack of ETF investor buying. Gold may consolidate however Fed’s monetary tightening debate may keep pressure on prices,” Ravindra Rao, Head Commodity Research at Kotak Securities said.



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