Gold futures prices for the month of August jump in India on 6 July 2021
Gold futures prices for the month of August jumped by 0.34% on 6 July 2021 and were at Rs.47,462 for 10 grams. The main reason for the jump in the prices was a positive trend in the global markets. Spot gold prices in the global markets were steady and were at $1,792.34 for an ounce. On 5 July 2021, gold prices traded lower in the domestic and international markets. Gold futures prices in the international markets were at $1,783.30 for an ounce.
Price of gold slip for second consecutive day
Given weak global cues and a stronger dollar, gold price slipped for the second consecutive day on Thursday at the Mumbai retail market. 10 grams of 24-karat gold cost Rs.48,750 plus GST following the drop in the rates. In the retail market, 10 grams of 22-carat gold cost Rs.44,655 plus 3 percent GST while the price of 18-carat gold was quoted at Rs.36,563 plus GST. Gold holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose by 5.83 tones to 1,043.15 tonnes. The price of spot gold was down by $14.10 to cost $1,874.43 per ounce.
Silver price however recorded an incline and a kilogram was priced Rs.71,224. The gold/silver ratio currently stands at 68.44 to 1, which means 68.44 ounces of silver is required to buy an ounce of gold.
Gold was trading above Rs.49,000 on Wednesday
On Wednesday, after positive trend seen in the international spot prices India Gold MCX June futures were trading above Rs.49,000 for every 10 grams. Spot gold was steady at $1,899.11 per ounce after recording its highest since January 8 on Tuesday. The dollar index was pinned near a 4-1/2-month low against its rivals. It needs to be mentioned here that both gold and silver extended gains on Tuesday amid disappointing U.S. consumer confidence and new home sales data. International spot gold increased on Tuesday hitting a high near $1,900 an ounce.
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Gold traded at Rs.49,000 per 10 gm in the Delhi markets while silver was priced at Rs.71,000 per kg. In the International markets, the price of gold was $1775, while the cost of silver $26.10.
MCX June Gold Futures traded at Rs.47,060 per 10 gm, growing by Rs.323 or 0.7% from the last closing price on Friday.
MCX July Silver Futures traded at Rs.69,063 per 1 kg around this time, gaining by Rs.697 or over 1% from the last closing price on Friday.
Gold prices record a flat trend in the domestic market
Gold futures in the domestic market traded flat on 22 April 2021 due to a mute trend seen in the international market. On the Multi Commodity Exchange, gold contracts for June delivery were trading lower by 0.05% at Rs.48,204 per 10 grams. Silver futures for May delivery was trading lower as well at Rs.70,316 per kg, declining by 0.03%.
On the other hand, the precious metals had shown a positive trend on 22 April in the international market gold hit a two-month high, and silver hit its highest price in one month at COMEX.
Gold and silver rates increased in the market after a weak dollar trend was seen in the market and a decline in the 10-year U.S. Treasury bond yields. Gold prices had inched closer to $1,800 per ounce and silver prices settled at $26.57 per ounce.
Gold rates decline on Friday
In the Indian markets, gold price declined on Friday after tracking softer global rates. On the Multi Commodity Exchange, the futures of the yellow metal were down by 0.23 percent to cost Rs.44,590. Today's fall meant that the price of the precious metal has been down by about Rs.11,500 from August highs of Rs.56,200. It needs to be mentioned here that in the previous session, gold rates fell by 0.35 percent.
In the international market, the rate of gold remained flat and was trading at $1,726 per ounce. In the previous session, the precious metal had hit a one-week low of $1,721 per ounce. In the global market, gold price has been down by about 9 percent so far this year.
Gold rates dipped by 22%; falls near to 11-month low
Gold prices dipped and were close to an 11-month low at Rs.44,600 per 10 grams. The precious metal had increased to Rs.57,000 per 10 grams in August 2020 after the markets were affected by the COVID-19 pandemic.
However, with the economy recovering gradually, gold prices have recorded a total decline of 22% or Rs.12,400. With the recovering U.S. dollar value and a positive trend seen in the U.S. Treasury yields, gold prices and demand have faced a negative impact.
According to experts, the lowering trend of gold prices is temporary due to the various factors playing a factor in determining its prices. Weak dollar rates, pressure from inflation along debt accumulation has played an important role in gold prices. The possible fiscal stimulus which could be passed by the United States government for $1.9 trillion would boost safe-haven demand for the metal in the market.
In India, gold prices have declined due to the international trend of the metal along with the appreciation value of the rupee. Recently, during the Union Budget 2021, the import duty on gold was reduced which also affected its prices.
Gold prices see an incline in major cities across India
Gold prices increased marginally on 23 February by Rs.10 to Rs.45,470 per 10 grams for 22-karat gold. The rate of 24-karat gold also increased by Rs.10 to Rs.46,470 per 10 grams. In Delhi, the price of 22-karat gold was Rs.45,410 per 10 grams and was Rs.49,530 per 10 grams for 24-karat gold.
In Chennai, the value of 24-karat gold was Rs.47,950 per 10 grams and was Rs.46,470 per 10 grams in Mumbai. 10 grams of 24-karat gold was priced at Rs.45,570 per 10 grams in Kolkata.
Silver prices also increased at Rs.70,500 per kg in Delhi, Mumbai and Kolkata and Chennai and Hyderabad, it was Rs.74,400 per kg.
In the international market, gold prices increased by 0.19% at $1,814 per ounce.
Gold prices rise in the domestic market; trades above the Rs.48,000 per 10 grams mark
Due to the weaker dollar value in the international market, gold prices increased in the domestic market as well. With increased hopes of another stimulus package from the U.S., demand for gold was higher. On the Multi Commodity Exchange, gold contracts for April delivery were higher by 0.4% to Rs.48,026 per 10 grams.
Silver futures for March was trading higher by 0.20% at Rs.70,223 per kg. Gold and silver prices increased after declining with the Biden administration eager to push out a stimulus package of $1.9 trillion.
In the international market, gold contracts for April were trading at a positive note at $1,834.20 per ounce and silver was trading at $27.58 per ounce.
Gold futures on the MCX trade marginally higher; Silver prices see an incline
Gold prices showed a positive trend on 21 January after inclines were reported for the metal’s prices in the international market. On the Multi Commodity Exchange, gold contracts for February delivery were trading higher at Rs.49,685 per 10 grams, inclining by 0.30%. Silver contracts for March delivery was trading 0.70% higher at Rs.67,456 per kg.
According to experts, gold prices have inclined due to a weak U.S. dollar in the international market. Gold prices in the international market were trading at $1,866.50 per ounce while silver contracts were trading at $25.77 per ounce.
Gold rate increase by more than 2 percent on Monday
The price of gold increased by more than 2 percent on Monday bolstered by the dollar's slide ahead of runoff elections for both U.S. Senate seats from Georgia. The price of spot gold was up by 2.4 percent and was trading at $1,943.13 per ounce while U.S. gold futures settled at $1,946.60 after increasing by 2.7 percent.
Among other metals, silver gained by 3.1 percent to cost $27.17 an ounce. This was the highest price since 15 September, 2020. The rates of platinum and palladium eased by 0.4 and 3.1 percent to cost $1,063.87 and $2,372.92 respectively.
Gold trades flat, will hold Rs.50,330 support level
The Indian December futures for gold had traded flat after it had rallied over 1% during the previous trading session. A few analysts have said that investors should buy the dips as long as the metal holds support at Rs.50,000 per 10 gram. On the Multi-Commodity Exchange (MCX), the gold contracts for December had been trading lower by 0.18% and reached Rs.50,408.
Gold rates drip and markets sees crucial support at Rs.50,750
Gold rates had dipped in the global markets after the U.S. dollar gained strength. This was after the hopes of the U.S. stimulus weakened after the President had announced that a deal might be possible after the November election. On the MCX, the gold contracts for December had been trading lower by 0.10% and reached Rs.50,909 per 10 gram. The December futures for silver had been were trading lower by 0.45% and reached Rs.62,000 per kg.
Fall in gold prices after 3-day high
The price of gold fell on Gold price fell on 13 October after a 3-day high. However, in the Indian markets, it continued trading above Rs.51,000. In New Delhi, the price of 10 grams of physical 24-carat bullion was Rs.54,350. In Kolkata, the price of 24-carat gold was Rs.53,280. In Mumbai, the price of 24-carat gold was Rs.50,830. In Chennai, the price of 24-carat gold was Rs.53,320. The October futures for gold on the Multi Commodity Exchange (MCX) was trading at Rs.50,820 which was Rs.280 lower with an intraday low of Rs.50,760 and an intraday high of Rs.51,107. September futures of silver was trading at Rs.62,417 per kg which was a fall of Rs.680 as the price in the previous session was Rs.63,098 per kg.
Price of gold drops for the 3rd time in 4 days, silver struggles too
Prices of gold and silver dropped in Indian markets today. December gold futures on MCX fell 0.06% to Rs.50,305 per 10 gram while Silver futures grew 0.25% higher to Rs.60,055 per kg. Previously, gold had dropped 0.6% while silver fell 4% or Rs.2,500. Silver prices have also dropped significantly from their highs of about Rs.80,000 hit in August.
MCX gold however has support at Rs.49200 and resistance at Rs.51,120.
In global markets, prices of yellow metal were little changed today, thanks to a softer US dollar and hopes of U.S announcing another coronavirus relief package. The global risk sentiment got better after improved US private payrolls data. Spot gold remained steady at $1,884.67 per ounce.
Among other precious metals, silver grew 0.2% to $23.25 per ounce, while platinum went up 0.4% to $891.95 and palladium rose 0.2% to $2,309.07.
After 6-day fall, prices of gold soars above Rs.50,000 while silver is at Rs.60,000
The price of gold stayed steady, trading above Rs.50,000, after a 6-day freefall in prices. Gold October futures climbed to Rs.50,160, an increase of Rs.20, on the Multi Commodity Exchange. The intraday high was Rs.50,265 while Rs 50,138 per 10 gm was the previous close. The bullion was trading at R. 56,191 per 10 gm which was lower than its lifetime high by Rs.6,000. Silver futures in September were at Rs. 60,134 per kg today, an increase in Rs.260, with an intraday low of 60,060 per kg. On 7 August, it hit a lifetime high of Rs.77,949. Spot gold increased to $1,883.51 per ounce which was 0.1% more. U.S. gold futures stood at $1,888.40, an increase of 0.3%. Comex gold traded at $1,859 per ounce which was 0.37% higher. Silver dipped to $23.66 per ounce which was 0.2% less. Gold prices had risen 20% in 2020 but decreased by 10% slumped last week due to the dollar holding firm and new lockdowns in Britain and Europe over fresh coronavirus cases. In New Delhi, the price of physical 24-carat bullion per 10 gram dipped to Rs.52,750. In Chennai, the rate of 24-carat gold was Rs.52,050 per 10 grams. In Kolkata and Mumbai and Kolkata, the price of 24-Carat gold fell to lower to Rs.51,570 and Rs.49,260 respectively.
Gold and silver rates drop in the Indian market; silver prices down by Rs.875
Gold prices plummeted by Rs.96 to Rs.51,797 per 10 grams in Mumbai due to the appreciating value of the rupee. Investors also awaited the U.S. Federal Reserve’s decision ahead of the meeting. 22-karat gold in Mumbai was priced at Rs.47,446 per 10 grams and 24-karat gold was Rs.51,797 per 10 grams.
In the futures market, gold prices touched an intraday high at Rs.52,074 per 10 grams and an intraday low of Rs.51,770 per 10 grams on the MCX. Silver prices dropped by Rs.875 to Rs.65,883 per kg.
Gold futures for October increased by Rs.222 to Rs.51,991 per 10 grams for a business turnover of 10,907 lots. For delivery in December, the price of gold increased by Rs.236 to Rs.52,153 per 10 grams for a turnover of 7,837 lots.
Gold prices drop after recording marginal inclines
Gold prices dropped in the Indian market today after tracking a declining trend in the international market. Gold futures on the Multi Commodity Exchange dropped by 0.5% to Rs.50,803 per 10 grams. Silver prices also dipped marginally by 0.6% to Rs.67,580 per kg.
In its previous session, gold prices had increased by 0.7% after declining for three consecutive days. Silver futures also, had recorded an incline of 1.6%. In the global market, gold prices as the United States dollar increased in value in the market against other currencies. However, the rising number of COVID-19 cases all over the world, capped the metal’s losses.
According to analysts, gold is being supported at the lower levels due to increased tensions between China and the United States of America and the rising number of cases all over the world.
Gold prices fall over Rs.1,300 per 10 gram in two days in India even as international prices rise
The price of gold continued to remain unsteadt for the second straight day on Thursday after the minutes of the US Federal Reserves policy’s last meeting showed that the policymakers showed little interest to cap bond yields. The price of gold have been volatile in domestic markets after hitting a new all-time high of Rs.56,191 per 10 gram on August 7.
Prviously the prices of gold dropped 1.77% or Rs.949 to close at Rs.52,622 per 10 gram, while prices of silver slipped 2.22% to settle at Rs.67,963 per kg.
Prices of gold increase in India on 6 August 2020
Tracking prices in the international markets, the prices of gold increased in India on 6 August 2020. Gold futures prices for the month of August on MCX increased by 0.35% and are at Rs.55,290 per 10 grams. In the last session, gold rates increased by Rs.580, hitting record highs of about Rs.55,297 for 10 grams. In the international markets, the prices of the yellow metal were flat because of a weak dollar and the hopes that several stimulus measures would be introduced by central banks. The prices of spot gold are at $2,039.75 for an ounce. In the previous session, spot gold prices hit record highs. A weak US dollar ensures that gold prices are expensive for other currency holders. Gold prices have increased this year due to the uncertainty in the economy. Gold prices in India are inclusive of 3% GST and 12.5% import duty.
Prices of gold on MCX fall by 0.2% on 8 July 2020
On 8 July 2020, gold futures prices on MCX were flat with a negative bias. According to experts, investors should target the Rs.49,000-Rs.49,200 per 10 grams range because of the dip. Gold futures prices for the month of August on MCX fell by 0.2% and were at Rs.48,700 for 10 grams. In the international markets, the prices of gold increased by 1% and were at $1,809.90 for an ounce. On 7 July 2020, gold prices almost hit record highs and hit nearly the Rs.48,000 levels. According to various experts, the prices of gold increased due to the downbeat in the US economic data, the increase in the number of coronavirus cases, and a weak equities market.
Gold prices show gains despite muted gains; metal could face resistance according to experts
Gold futures for August recorded an incline on 8 June 2020 even though a muted trend was seen in the international market. However, according to experts, the precious metal may face resistance around Rs.46,000 per 10 grams.
On the Multi Commodity Exchange, June gold contracts were at Rs.45,875 per 10 grams, trading higher by 0.39%. Silver futures for July was trading at Rs.47,771 per kg, increasing by 0.9%. At the Multi Commodity Exchange, gold prices corrected more than 2% and were priced below the Rs.45,800 per 10 grams level. Silver prices also dipped more than 3% and settled below the Rs.47,500 per kg level.
According to Manoj Jain, Director (Head – Commodity and Currency Research), Prithvi Finmart Private Limited, the precious metals are expected to remain volatile in the second week of June and selling is expected as the value of the metal goes higher. Gold is expected to face resistance around Rs.46,100 – Rs.46,300 per kg. If the prices are sustaining below the Rs.45,680 per 10 grams mark, there could be further resistance towards Rs.45,400 – Rs.45,100 per 10 grams level.