Yellow metal flat;silver trades below Rs 60,000

Yellow metal flat;silver trades below Rs 60,000
Synopsis

"We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,810 and resistance at $1,830 per ounce. MCX Gold August futures support lies at Rs 50,500 and resistance at Rs 51,000 per 10 grams," said Tapan Patel, Senior Analyst (Commodities),HDFC Securities.

NEW DELHI: Gold prices were trading flat on Thursday in the Indian market, bucking the global trend. The yellow metal is headed for its worst quarterly performance since early 2021. US Treasury yields dipped but a firm dollar took the sheen off the safe-haven asset.

Gold futures on MCX NSE -1.68 % were trading almost flat, shedding 0.01 per cent or Rs 3 to Rs 50,726 per 10 grams. However, silver futures traded lower, down by 0.17 per cent or Rs 104 at Rs 59,687 per kg.

yellow metal

"Gold price will continue to remain rangebound owing to positive and negative factors playing on the metal's price outlook," he added.

In the spot market, the highest purity gold was sold at Rs 51,159 per 10 grams while silver was priced at Rs 59,853 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.The spot prices of gold have remained flat in the last one to two weeks, whereas silver has plunged more than Rs 1,200 per kg in the last one week, the data suggests.

Trading Strategy

"We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,810 and resistance at $1,830 per ounce. MCX Gold August futures support lies at Rs 50,500 and resistance at Rs 51,000 per 10 grams," said Tapan Patel, Senior Analyst (Commodities), HDFC NSE 1.83 % Securities.

Global markets

Spot gold was up 0.1 per cent at $1,818.31 per ounce. US gold futures also firmed 0.1 per cent to $1,819.70.Spot silver was flat at $20.71 per ounce, platinum rose 0.3 per cent to $919.68, and palladium gained 0.8 per cent to$1,977.09. However, they were all still headed for monthly and quarterly losses.

Gold, silver fall in early trade; yellow metal selling at Rs 50,890/10 gm

Gold prices fell by Rs 110 in Friday's early trade from the previous day's rate, with 10 gram of yellow metal (24-carat) trading at Rs 50,890

Gold prices fell by Rs 110 in Friday's early trade from the previous day's rate, with 10 gram of yellow metal (24-carat) trading at Rs 50,890. AGer a decline of Rs 100, 10 gram of 22- carat gold is selling at Rs 46,650 on Friday.Meanwhile, silver prices also fell in Friday's early trade, by Rs 800 per kg, with the precious metal trading at Rs 58,600 per kg.

Meanwhile, in the US, gold is heading for its worst quarter in five as a hawkish tone from global central banks dimmed appeal for the non-yielding asset.

Gold usually benefits from high inflation, but rising rates translate into a higher opportunity cost of holding the non-interest-bearing asset.

In Delhi, Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat gold is trading at Rs 50,890, according to the goodreturns website. Meanwhile, 10 gram of 22-carat gold is selling at Rs 46,650 in Delhi, Mumbai, Kolkata, and Hyderabad.

In Chennai, 10 gram of 24-carat and 22-carat gold is trading at Rs 51,030 and Rs 46,780 on Friday.

On the other hand, a kg of silver in Delhi, Mumbai and Kolkata is selling at Rs 58,600 on Friday. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is trading at Rs 65,100 per kg.

Edited by : R. Reena
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