Gold Price in India: Gold futures traded higher on Tuesday, October 12, as the yellow metal took cues from international spot prices. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on December 3, were trading 0.41 per cent higher at Rs 47,244 last time compared to the previous close of Rs 47,051. Silver futures due for delivery on December 3 was up by 0.20 per cent at Rs 61,868, from Rs 61,744 in the previous.
According to Mumbai-based industry body India Bullion and Jewelers Association, domestic spot gold of 24-carat purity opened on Tuesday at Rs 47,210 per 10 grams and silver at Rs 61,654 per kg – both GST (excluding Goods and Services Tax) rates. IBJA).
— IBJA (@IBJA1919) 12 October 2021
Foreign exchange rate:
The US dollar index, which tracks the greenback against a basket of currencies from other major trading partners, was down at 94.308. Gold, generally seen as a hedge against inflation, was slightly higher.
Spot gold was trading at $ 1761.37 an ounce.
What Analysts Say:
Ravindra Rao, CMT, EPAT, VP- Head of Commodity Research at Kotak Securities: “Comex gold trades marginally up near $1758/oz yesterday after falling 0.1% yesterday. In response to US non-farm payroll data Gold saw a brief rally on Friday but has retreated to trade in a narrow range near the $1750/oz level.Gold on the US Dollar Index amid higher bond yields, monetary tightening expectations and safe haven buying The weight is strong.”
He added that, “Gold may continue to trade in a range as the Fed’s monetary tightening expectations may be countered by inflation and growth concerns, although we expect buying interest at lower levels as the global economy slows down.” The growing challenges for the U.S. may increase its safe haven appeal.”