Gold Trades Lower Today, Likely To Remain Below Rs 47,000 Mark


Gold Price Today: Gold Futures Trades Lower, May Remain Below Rs 47,000 Mark

Gold futures were last seen trading lower by Rs 965 – or 2.03 per cent at Rs 46,638

Gold Price In India: Gold futures traded in the negative territory on Friday, August 6, as the yellow metal mirrored global trends. In International markets, gold declined to its lowest in more than a month. On the Multi Commodity Exchange (MCX), gold futures due for an October 5 delivery, were last seen trading lower by Rs 965 – or 2.03 per cent – at Rs 46,638, compared to their previous close of Rs 47,603. Silver futures due for a September 3 delivery were last down 3.33 per cent at Rs 64,765 against a previous close of Rs 66,998.

Domestic spot gold closed at Rs 47,647 per 10 grams on Friday, and silver at Rs 66,727 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited:

”Technically, International Gold is trading with bearish bias near $1800. Prices may test the major support levels of $1798-$1790 levels in the coming sessions. On the domestic front, MCX gold October gave a gap down opening and is trading with negative bias since morning. In the previous session, prices declined more than 300 points and we may witness the same to continue during the evening session.

Like gold, International silver is also trading with negative bias near $25.00 levels. Prices may decline and test $24.90-$24.80 levels during the evening hours. MCX Silver September gave a gap down opening and is trading with negative bias like its international counterpart. We may expect the prices to continue the bearish momentum in the evening session and test 66300 levels on the downside.”

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:

“COMEX gold trades marginally lower near $1804/oz after a 0.3 per cent decline yesterday. Weighing on gold is firmness in the US dollar amid some hawkish comments by Fed officials. ETF outflows also show weaker investor interest. However, supporting price is increased geopolitical tensions, rising virus cases and mixed economic data from major economies.

Gold has once again corrected after failing to sustain above 1836/oz level but is still holding above $1800/oz level. Gold may remain volatile along with equities however we may see some recovery if US non-farm payrolls data disappoints.” 

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