Gold Price in India: Amid falling prices of the yellow metal, domestic gold futures witnessed a volatile trading session on Thursday, February 4. In the national capital, gold rates slipped by Rs 322 to Rs 47,135 per 10 gm amid a decline in global precious metal prices and appreciation of the rupee, according to HDFC Securities. Silver prices also declined by Rs 1,972 to Rs 67,170 per kg, as compared to the previous close of Rs 68,142. Multi Commodity Exchange (MCX) gold futures, due for delivery tomorrow, i.e., February 5, was last seen trading 0.84 per cent lower at Rs 47,350, having swung between Rs 47,157 and Rs 47,400 during the session compared to their previous close of Rs 47,750. Silver futures were trading lower by 1.14 per cent at Rs 67,785. (Also Read: Is Silver The New Gold?)
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Domestic spot gold closed at Rs 47,452 per 10 grams on Thursday, and silver at Rs 67,015 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). In the international market, gold was trading lower at $ 1,825 per ounce and silver was flat at $ 26.61 per ounce.
“Spot gold prices for 24 karat in Delhi were down by Rs 322 reporting fourth consecutive fall with decline in global gold prices and rupee appreciation,” said HDFC Securities Senior Analyst (Commodities) Tapan Patel.
“COMEX gold trades 0.5 per cent lower near $1825/oz after a 0.1 per cent gain yesterday. Weighing on gold price is the rise in US10-year bond yield to 3-week high amid increased optimism about the US economy amid some upbeat economic data and increased efforts to approve a stimulus package,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
”However, supporting price is global growth worries amid persisting virus risks and loose monetary policy stance of major central banks and hopes of additional US stimulus. Gold may witness choppy trade as gains in US dollar may be countered by US stimulus expectations,” he added.
Meanwhile, the rupee settled flat against the US dollar on Thursday at 72.96 (provisional) for the second consecutive day, even as the domestic equity markets scaled fresh highs. Brent crude futures, the global oil benchmark, rose 0.55 per cent to $ 58.78 per barrel.