Yellow metal trades flat; silver tops Rs 62,000

Yellow metal trades flat; silver tops Rs 62,000

NEW DELHI: Gold prices were little changed on Friday, but the metal was on track for a second weekly gain following a retreat in the US dollar from 20-year highs.

Gold futures on MCX NSE 0.17 % were trading lower by 0.01 per cent or Rs 4 at Rs 50,867 per 10 grams. However, silver futures were trading higher by 0.51 per cent or Rs 315 at Rs 62,108 per kg.

US Treasury yields were subdued aGer the benchmark 10-year note hit a fresh six-week low.Higher short-term US interest rates and bond yields raise the opportunity cost of holding bullion, which yields nothing.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities said gold prices are supported by weakness in the US dollar and lower bond yields.

"The US dollar index has slipped to near 1-month low amid some disappointing US economic data, reduced safe- haven demand and increasing debate about Fed’s monetary stance aGer FOMC minutes," he added.

Gold has come off the 2-week high set earlier this week but is consolidating in a range and this trend may continue unless there are fresh triggers, however, tightening expectations may keep pressure on prices, said analysts.

In the spot market, the highest purity gold was sold at Rs 50,945 per 10 grams while silver was priced at Rs 61,605 per kg on Thursday, according to the Indian Bullion and Jewellers Association.

The spot prices of gold have breached Rs 51,000 per 10 grams levels aGer a week, whereas the silver has gained more than Rs 1,650 per kg mark in the last nine sessions.

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"We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,820 and resistance at $1,850 per ounce. MCX Gold June futures support lies at Rs 50,200 and resistance at Rs 50,800 per 10 gram," Tapan Patel, Senior Analyst (Commodities),HDFC NSE 3.06 % Securities.

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Spot gold held its ground at $1,848.59 per ounce, as of 0102 GMT. US gold futures were little changed at $1,846.70. For the week so far, bullion is up 0.2 per cent.

Spot silver dipped 0.2 per cent to $21.95 per ounce, and has gained about 0.9 per cent so far this week. Platinum was nearly flat at $950.28, and has slipped 0.5 per cent this week.

Palladium dipped 0.2 per cent to $2,006.47, and was set for a weekly gain of about 2.2 per cent, its most since early April.

Gold trading at Rs 51,980 per 10 gm today; silver selling at Rs 61,500 a kg

The price of 10 gram of 24 carat gold on Friday went down by Rs 270 to trade at Rs 51,980

NEW DELHI: Theprice of 10 gram of 24 carat gold on Friday fell Rs 270 to Rs 51,980.Meanwhile, the rate of silver declined Rs 500 per kg with the precious metal trading at Rs 61,500.

The price of 10 grams of 22 carat gold decreased by Rs 250 with the precious metal is selling at Rs 47,650, according to Goodreturns website.

The price of 10 gramsof 24 carat gold in Delhi and Mumbai is at par with the price of 10 grams of 24 carat gold in Bangalore, Hyderabad, Kolkata, and Chennai with the precious metal trading at Rs 51,980 in these regions.

The price of 10 grams of 22 carat gold in Delhi and Mumbai is at par with the price of 10 grams of 22 carat gold in Bangalore, Hyderabad , Kolkata, and Chennai with the metal selling at Rs 47,650 in these regions.

The price of gold vary for different regions based on certain parameters such as the excise duty, making charges and the state taxes.

The price of 1 kg of silver in Delhi, Mumbai and Kolkata is at Rs 61,500. Meanwhile, in regions such as Chennai, Bengaluru and Hyderabad, the metal is trading at Rs 66,000 per kg for the day.

Edited by : R. Reena