Gold, Silver Trade On Mixed Note Amid Weak Investor Interest

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India imported 121 tonnes of gold in August, compared to 63 tonnes a year earlier.

Gold, Silver Price Today: Gold and silver prices were trading on a mixed note on the back of weaker investor interest amid pause in US dollar after last week’s decline. Gold futures for delivery in october fell as much as 0.22 per cent to hit an intraday low of Rs 47,420 per 10 grams. In the spot market, 24 carat gold was priced at Rs 47,250 per 10 grams, according to India Bullion & Jewellers Association. 22 carat gold was being retailed at Rs 46,110, 18 carat gold was being sold at Rs 38,270 and 14 carat gold was priced at Rs 31,420 per 10 grams.

“COMEX gold trades marginally lower near $1829/oz after a 1.2% gain in previous session. Gold eased as the US dollar paused after last week’s decline. Also weighing on price is weaker investor interest as is evident from ETF outflows. However, supporting price is disappointing US jobs report, persisting virus risks, China’s regulatory crackdown and geopolitical tensions relating to Afghanistan. Gold may witness choppy trade amid mixed factors however general weakness in the US dollar may continue to support,” said Ravindra Rao, head of commodity research at Kotak Securities.

Meanwhile, the country’s gold imports in August nearly doubled from a year ago to their highest level in five months on an improvement in demand and as a correction in prices prompted jewellers to ramp up purchases for the festive season, a government source said.

India imported 121 tonnes of gold in August, compared to 63 tonnes a year earlier, the source said on Monday on condition of anonymity as he is not authorised to speak to media.

In international markets, the prospect of a later start to Fed tapering was positive for non-yielding gold, which stood at $1,827 an ounce, having reached its highest since mid-June at $1,833.80.

Back home, silver was trading marginally higher in trade as silver futures for delivery in December rose 0.4 per cent to hit an intraday high of Rs 65,470. In spot market, silver was priced at Rs 63,475 per kilogram.



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