Gold futures fall marginally amid weak US dollar, silver up 1%

SPDR Gold Trust’s holding rose 0.7% to 1,035.93 tonnes on Monday, its highest level since the end of March.

Today the price of gold and silver: Gold futures for June delivery on the Multi Commodity Exchange fell marginally (up 0.25%) to a low of Rs 48,352 per 10 grams. In the spot market, pure gold or 24 carat gold was selling at Rs 48,150 per 10 grams, 22 carat purity gold at Rs 46,510 per 10 grams, 18 carat gold at Rs 38,520 and 14 carat gold at Rs 38,520 per 10 grams. According to the India Bullion and Jewelers Association (IBJA), 32,020 per 10 grams.

“Gold trades near 3-month highs, backed by weak US dollar, Dovish Fed comments, escalating tensions between Israel and Palestine and accelerating ETF purchases. However, weighing on the price in the event of a virus in the US and Europe Reforming and Consumer Demand in India. Gold may trade with positive bias on the back of a weak US dollar, however any stability in the equity market may make it vulnerable to take advantage, “Ravindra V Rao, VP-Head Commodity Research, Kotak Securities told NDTV.

In the international market, gold prices extended gains on Tuesday, reaching their highest level in more than three-and-a-half months, as the weaker US dollar and rising inflationary pressure strengthened the metal’s appeal as an inflation hedge did.

Gold spot gained 0.1 percent to $ 1,868.27 an ounce at 8:44 am, the highest since January 29, at $ 1,873.41. US gold futures were stable at $ 1,868.30.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.7 percent to 1,035.93 tonnes on Monday, the highest level since the end of March.

Back home, silver was seen buying silver for July delivery as silver futures rose nearly 1 percent to a high of Rs 74,052 on the Multi Commodity Exchange. According to IBJA, the price of silver in the spot market was Rs 71,735 per kg. Silver rose 0.8 percent to $ 28.40 an ounce in the international market, reaching its highest level since February 2 in the first session.

Palladium rose 0.4 percent to $ 2,911.63 and platinum was up 0.1 percent to $ 1,241.

.

LEAVE A REPLY

Please enter your comment!
Please enter your name here