Gold price today: Yellow metal trades below Rs 48,000; Silver Futures down nearly 1%
Gold may witness choppy trade amid lack of fresh cues however there is a possibility of correction if US dollar manages to recover, suggest experts. February 11, 2021 / 10:03 AM IST
India Gold MCX April Futures trade lower below Rs 48,000 on February 11 tracking muted trend seen in the international spot prices. Silver March Futures were down by nearly 1 percent.
On the Multi-Commodity Exchange (MCX), April gold contracts were trading lower by 0.3 percent at Rs 47,864 for 10 grams at 0920 hours. March silver futures were trading 0.95 percent lower at Rs 68,271 a kilogram.
Gold and silver prices showed mixed trends on February 10 in the international markets. Gold April futures contract settled on a slightly positive note at $1,842.70 per troy ounce while Silver March futures contract settled on a weaker note at $27.08 per troy ounce.
Gold price ended with strength on Tuesday. The MCX April Gold Futures were trading around Rs 47,930 per 10 gm at the close, up by almost Rs 91 from the last close on Monday and the trend is expected to remain positive for the day, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. Meanwhile, Silver ended with some weakness on Tuesday. It was trading at Rs 69,576 at the close, down by almost Rs 500. What is expected on Wednesday?
Gupta explains what lies ahead for investors on Wednesday and what is supporting Gold and Silver and how inflation will impacts the prices.
Experts suggest buying the dip in the domestic precious metal prices. Any dip towards Rs 47,580 should be used to go long for the target of Rs 49,100 per 10 gm.
Synopsis
Dealers believe increased demand for physical gold, ETF buying and exports will lend some support to prices in coming months.
Agencies
The demand for physical gold has already surpassed pre-Covid levels but the tax cut has not led to any instant demand in the physical market.
NEW DELHI: A 250 basis point tax cut and improving economic conditions have put pressure on gold prices, in both the physical and futures market, as the yellow metal is trading down nearly 5 per cent from its pre-Budget price.
Some analysts believe the precious metal may lose some more as rising yields and better than expected success in vaccination drive will lead money out of the non-yielding bullion. However, low level buying and wedding demand may provide some support.
Gold price today: Yellow metal gains strength, Silver March Futures up nearly 2%
Gold may continue to witness mixed trade unless there is clarity on the 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, suggest experts. February 03, 2021 / 10:06 AM IST
India Gold April Futures rose above Rs 48,000 per 10 gm on February 3, tracking a positive trend seen in the international spot prices. The March Silver Futures rose nearly 2 percent.
On the Multi-Commodity Exchange (MCX), April contracts were trading higher by 0.42 percent at Rs 48,024 for 10 grams at 0920 hours. Silver March futures were trading 1.8 percent higher at Rs 68,770 a kilogram.