Gold prices steady this week, silver soars 4.69% on retail frenzy
Gold holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell by 4.66 tonnes to 1,160.13 tonnes.
Image: PTI
Gold prices edged higher to Rs 49,330 per 10 gram on January 29 as participants widened their positions as seen by the open interest. The precious metal ended with a marginal loss of Rs 34 or 0.07 percent for the week.
The yellow metal rose in two out of four trading sessions on the MCX in a holiday-shortened week, while COMEX gold eased $5.9 or 0.32 percent during the week.
US President Joe Biden s $1.9 trillion pandemic relief proposal faces hurdles as Republicans objected to it for being too expensive and pushed for a smaller plan targeting vaccine distribution.
Gold price slips below Rs 49,000 per 10 gram on firm dollar
The broader trend on COMEX could be in the range of $1800- 1865 and on domestic front prices could hover in the range of Rs 49,120- 48,300, said Damani.
Mumbai / January 18, 2021 / 06:38 PM IST
Gold prices dropped by Rs 358 to Rs 48,969 per 10 gram in the Mumbai retail market on a firm dollar and sharp sell-off on Friday in the international market. The yellow metal had declined Rs 1,094 or 2.17 percent last week in the domestic market.
The rate of 10 gram 22-carat gold in Mumbai was Rs 44,856 plus 3 percent GST, while 24-carat 10 gram was Rs 48,969 plus GST. The 18-carat gold quoted at Rs 36,727 plus GST in the retail market.
Gold price edges lower to settle at Rs 48,702/10 gm, silver plunges by Rs 1,703 a kg
Patel expects gold prices to trade sideways to down for the short term with COMEX spot gold having resistance near $1,870 per ounce and support at $1,800 per ounce.
Mumbai / January 17, 2021 / 05:54 PM IST
Gold prices slumped to Rs 48,702 per 10 gram on January 15 as participants increased their short position as seen by the open interest. The precious metal ended with a loss of Rs 116 or 0.24 percent for the week.
The yellow metal slipped in three out of five trading sessions on the MCX.
The bullion metal price was pressured by gains in dollar, rising bond yields, strong US Industrial Production, and rising inflation expectations.
The broader trend on COMEX could be in the range of $1,805- 1,865 and on domestic front prices could hover in the range of Rs 48,400- 49,250, said Damani.
The broader trend on COMEX could be in the range of $1,835-1,870 and on domestic front prices could hover in the range of Rs 49,125- 49,570, said Damani.