Updated Apr 16, 2021 | 11:46 IST
Gold price today: Domestic gold has almost rallied Rs 3,000 per 10 gram this month, rebounding from the Rs 44,000 level. Gold price today
New Delhi: Gold, silver prices in India today edged lower after Thursday s massive rally on the back of a fall in US Treasury yields and weakening of the US dollar. As of 11:10 am, gold June futures on the Multi Commodity Exchange (MCX) were trading 0.26% lower at Rs 47,052 per 10 gram. On Thursday, gold futures rose 1.2% to close at Rs 47,175. Meanwhile, silver May futures were down 0.31% or Rs 210 per kg to trade at Rs 68,330 as compared to its previous closing price of Rs 68,540.
Gold is still in a bull rally and the dip noticed is mere a correction for the time being, Anand Rathi Share and Stock Brokers said in its quarterly bullion report, likening the yellow metal to.
The report says, “Gold never entered bear market territory over the last month, as losses were contained at just below 20 per cent. This is a normal market correction but has been exacerbated by fears of positive real interest rates and a technical breakdown.”
It further adds that the bull market of Gold began in late 2016, and it’s still alive and well and likely entering its next upswing. Comex gold is at 16 per cent off its all-time highs (i.e. down seven per cent Year-to-date) hit last summer, giving investors a prime entry point.
Gold Price today 15-04-2021: Vipul Srivastava: Research Analyst, Metals & Energy Research at Religare Broking says that Gold is gradually gaining charm again after settling on lower levels. In India, physical demand is seen improving where gold imports surged last month to the highest monthly total in nearly two years as consumers are seen taking advantage of the slump in prices. The US dollar and bond yields are witnessing a pause after the recent highs which are positive for the metal. The dollar turned sluggish after the Fed maintained its dovish stance coupled with Biden’s $2 trillion stimulus package. Also, lockdown in European countries has lifted the metal’s safe haven appeal.
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