BusinessYellow Metal Shows Marginal Rise, Silver Flat

Yellow Metal Shows Marginal Rise, Silver Flat

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Yellow metal prices in India went up slightly higher as on the MCX, they stood at Rs at Rs 47,975 per 10 gram, as against the previous close of Rs 47,889.

However MCX silver September futures were quite flat as they traded at Rs 69,087, witnessing a meagre rise from the previous session’s rate of Rs 69,081 per kg.

In the international markets, gold prices were sluggish owing to a stronger dollar. They were more so after consumer prices in the US had risen to their maximum in 13 years.

Spot gold was trading flat at $1,806.07 per ounce, while US gold futures were at $1,807.20 per ounce.

Commenting on gold price movement, Ravindra Rao, Vice President and Head Commodity Research at Kotak Securities said, “COMEX gold trades little changed near $1812 per ounce after a 0.2 per cent gain yesterday. Gold is choppy as Federal Reserve’s monetary tightening expectations are countered by increased safe haven appeal for the metal. Support from rising virus cases and choppy equities are countered by weaker ETF interest and slack consumer buying. Gold may remain near $1800 per ounce amid mixed factors however firmness in US dollar may continue to weigh.”

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