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Gold Price Today: Yellow metal and silver rates showed marginal rise
Yellow metal prices showed a marginal rise in India on Tuesday while in the international market also, gold prices witnessed a meagre jump.
On the Multi Commodity Exchange (MCX), gold August futures rose slightly to Rs 47,833 per 10 grams, as against the previous close of Rs 47,774.
Silver September futures also witnessed a marginal rise and were at Rs 69,490 per kg, up by Rs 115 from the previous session close of Rs 69,375.
At the international markets, gold prices showed a weak rise after hitting a one-week low in the previous session.
Spot gold rose to $1,807.22 per ounce. It fell to its lowest level since July 6 of $1,790.49 on Monday. US gold futures were up 0.1% to $1,808.1.
“COMEX gold trades marginally higher near $1811 per ounce after a 0.3 per cent decline yesterday. Gold inched up gaining support from virus concerns, China’s monetary easing measures, ECB’s shift in inflation strategy and uneven recovery. However, weighing on price is continuing ETF outflows and recovery in bond yields from recent lows. Gold may witness choppy trade as Fed’s monetary policy is assessed however with price holding above $1800 per ounce, the momentum looks positive,” said Ravindra Rao, Head of Commodity Research at Kotak Securities.
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