Highlights
Price still much lower than highest level.
Highest level touched in August last year.
New Delhi: Gold futures market has been on the downward slide since the last few days. Silver too has also declined in the last couple of weeks.
Gold prices fell by Rs 352 to Rs 46,951 per 10 gram in futures trade on Wednesday as speculators reduced their positions amid low demand. On the Multi Commodity Exchange, gold contracts for June delivery traded lower by Rs 352, or 0.74 per cent, at Rs 46,951 per 10 gram in a business turnover of 10,849 lots. Analysts attributed the fall in gold prices to trimming of positions by participants, quoted PTI.
Read more about Precious metals: Gold plunges by Rs 505, silver declines by Rs 828 on Business Standard. Gold prices plunged Rs 46,518 per 10 gram in the national capital
Gold prices were little changed on Tuesday ahead of the U.S. Federal Reserve s meeting, while palladium prices hit a new record high on persistent supply worries. Spot gold was flat at $1,780.90 per ounce by 0957 GMT. U.S. gold futures were little changed at $1,781 per ounce. Gold is sort of treading water ahead of the Fed meeting, StoneX analyst Rhona O Connell said. The mantra of lower for longer in terms of U.S. interest rates is pretty unshakeable. So that would be essentially be supportive for gold. It wouldn t necessarily be outright bullish because that s what the markets expecting. While no major policy changes are expected from the Fed s two-day policy meeting ending on Wednesday, investors will pay close attention to Chairman Jerome Powell s outlook on the economy.
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Gold rises marginally; silver gains Rs 255
Gold prices rose marginally by Rs 69 to Rs 46,906 per 10 gram in the national capital on Tuesday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 46,837 per 10 gram. Silver prices also gained marginally, rising by Rs 255 to Rs 67,890 per kilogram from Rs 67,635 per kilogram in the previous trade.
In the international market, gold was quoting marginally lower at USD 1,778 per ounce and silver was flat at USD 26.15 per ounce. Gold prices traded marginally down with spot gold prices at COMEX (New York-based commodities exchange) trading at USD 1,778 per ounce on Tuesday. Gold prices fluctuated in narrow range trading marginally down on firm dollar index, according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
Gold gained on Monday, as surging COVID-19 cases boosted the metal s safe-haven appeal, aided by a weaker dollar ahead of the U.S. Federal Reserve s meeting this week, while auto-catalyst palladium held below a record peak scaled last week. Spot gold was up 0.1% at $1,778.22 per ounce by 0707 GMT. U.S. gold futures fell 0.1% to $1,775.70 per ounce. The COVID-19 situation in India and Japan is deteriorating. So that is boiling demand for safety, resulting in higher gold prices, said Margaret Yang, a strategist at DailyFX, adding that an easing dollar is further supporting prices. Cases in India registered a record surge, while Japan declared states of emergency for Tokyo, Osaka and two other prefectures on Friday to combat a spike.