BusinessGold Trades In Positive Territory, Set To Remain Above...

Gold Trades In Positive Territory, Set To Remain Above Rs 47,000 Mark



Gold Price Today: Domestic spot gold opened at Rs 47,781 per 10 grams on Friday

Gold Price In India: Gold futures traded higher on Friday, July 9, as the yellow metal traded in positive territory mirroring global trends. Gold prices in international markets also edged higher and are set for their third straight weekly gain. On the Multi Commodity Exchange (MCX), gold futures due for an August 5 delivery, were last seen trading higher by Rs 60 – or 0.13 per cent – at Rs 47,781, compared to their previous close of Rs 47,721. Silver futures due for a September 3 delivery were last down 0.37 per cent at Rs 68,705 against a previous close of Rs 68,962. 

Domestic spot gold opened at Rs 47,781 per 10 grams on Friday, and silver at Rs 68,212 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).  

In global markets, gold prices surged as concerns over the rapidly spreading Delta variant of COVID-19 and a drop in U.S. Treasury yields lifted the safe-haven metal’s demand. The benchmark U.S. 10-year treasury yields declined near more than a four-month low, reducing the opportunity cost of holding the non-interest-bearing gold.

What analysts say:

Ravindra Rao, Head Commodity Research at Kotak Securities:

“COMEX gold trades marginally higher near $1804/oz after a 0.1 per cent decline yesterday. Gold trades higher supported by safe-haven buying amid growth and virus concerns, weaker US dollar, and lower bond yields. However, weighing on price is Fed’s tightening expectations and continuing ETF outflows. Gold may remain choppy near $1800/oz as safe-haven buying will be countered by Fed’s rate hike expectations.”

Mr Amit Pabari, MD, CR Forex:

”The gold prices are flirting near $1800 mark as the stronger dollar is capping the upside around $1815-$1820 zone. However, risk-off sentiment on rising Delta variant cases globally and US yield being sold-off in recent days is chasing the demand for gold at lower levels.

The shifting theme from ‘rising US Inflation’ to ‘worries over US growth’ is calling the demand for safe-haven currencies more rather than a safe-haven asset like gold.

A stronger US dollar on account of risk-off sentiment is likely to hammer non-yielding assets. Broadly, momentums in the gold prices are likely to remain mixed to bearish with an expected short-term range of $ 1750- $1834.”

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

”On the domestic front, MCX Gold August gave a gap up opening but is trading with marginal negative bias. Market rallied more than 500 points but could sustain at higher levels, resulting in a close near the previous session’s opening price. We may expect a rise during the evening hours where 48100-48200 levels could be tested. 

MCX Silver is also creating lower highs. We may expect a marginal decline in prices in the evening session.”

Meanwhile, in an early trade session, the rupee snapped its losing streak and rose four paise to 74.67 against the US dollar. Global oil benchmark – Brent crude futures declined 0.05 per cent to $74.08 per barrel.


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