Gold rates jump by Rs.1,000 for 10 grams on 4 January 2021
Following positive trends in the international markets, gold prices in India increased on 4 January 2021. Gold futures prices for the month of February on MCX jumped by Rs.1,025 and were at Rs.51,266 for 10 grams. In the last session, the prices of yellow metal rose by 0.17%. In the international markets, gold rates increased to a near two-month high. The main reasons for the increase in prices were the surge in the number of coronavirus cases and a weak dollar. Spot gold prices jumped by 2.3% and were at $1,942.07 for an ounce.
Gold prices drop due to positive news surrounding the COVID-19 vaccines
Gold prices increased in the country on 8 December due to a positive trend seen in the international value of the metal. The price of the metal was trading above the Rs.50,000 per 10-gram range at Rs.50,090 per 10 grams on the Multi Commodity Exchange. The price of silver was trading 0.15% higher at Rs.65,398 per kg.
The precious metal, according to analysts may face some resistance around the Rs.50,100 per 10-gram range and silver could see resistance around Rs.66,100 per kg. With the rise in the metals’ prices, the dollar index was mute as well. Gold futures contracts settled at $1,866 per ounce and silver contracts for March were at $24.79 per ounce.
Gold rates had been trading higher and reached Rs.50,000
Gold rates were lower near Rs.50,000 amidst a lot of uncertainty about the U.S. Presidential election. During the trading session, the gold futures for October on the Multi Commodity Exchange had dipped by Rs,170 and reached Rs,50,898. The September futures for silver had been trading Rs.350 lower and stood at Rs.61,670 per kg.
The Comex gold had traded at $1,890.40, and the U.S. gold futures had been $1,892.00 per ounce. The spot gold rates had dipped by 0.1% and reached $1,892.52 per ounce.
Gold prices flat in India on 16 October 2020
On 16 October 2020, the prices of gold in India were trading flat. Gold prices on MCX were at Rs.50,660 per 10 grams. In the previous session, the prices of the yellow metal closed at Rs.50,712 for 10 grams. In the international markets, spot gold prices were at $1,906.80 for an ounce. So far in 2002, the prices of gold have increased by 26%. The main reason for the prices of gold to increase was the coronavirus outbreak and the subsequent lockdown. The recent spike in the number of coronavirus cases has added further uncertainty that the economy will recover anytime soon.
Gold rates increase to Rs.50,300 and silver prices reach Rs.60,400
Gold prices have increased in the Indian market after the volatility, and it had tracked positive cues from the international markets. The metals have seen an increase in its prices amid a weak U.S. dollar after the signs of progress in negotiations that would roll out after the U.S. stimulus measures.
On the Multi Commodity Exchange, the October gold futures had reached a high of Rs.50,385 against the Rs.50,334 per 10 gm.
Even though the gold futures trades above Rs.50,000 the bullion is Rs,6,000 lower. Overseas, the metals had been steady after it had increased in the earlier rally, which has supported by a weak U.S. dollar index which had slipped by 0.2%.
Gold price drops to Rs.51,500, silver rates at Rs.67,500
Prices of gold prices dropped even though dollar softened as investors kept an eye on speeches by Federal Reserve policymakers due this week on the Federal Reserve’s approach to inflation and stimulus measures.
On the Multi Commodity Exchange, Gold October Futures slipped Rs.168 at Rs.51,547.
Silver September Futures, dropped Rs.334 lower at Rs.67,543 per kg today after touching an intraday low of Rs.67,501 per kg.
Overseas, gold and silver remained steady due to weak dollar. Spot gold rose 0.3% to $1,954.65. Comex gold traded flat at $1,952.10 per ounce, while US gold futures moved 0.1% lower to $1,959.90. Silver rose 0.6% to $26.92 per ounce.
Prices of gold increase in India on 4 September after falling for 3 consecutive days
Amid a selloff of equities in the international markets, the prices of gold increased in India on 4 September 2020. Gold futures prices for the month of October on MCX increased by 0.3% and were at Rs.50,911 for 10 grams. In the previous session, gold futures prices fell by 0.12%. Before 4 September, the prices of gold had fallen for three days in a row. On 7 August, the prices of gold hit record highs and were at Rs.56,200 for 10 grams. In the international markets, the prices of gold increased by 0.4% and were at $1,937.84 for an ounce.
Gold prices reduce below Rs.52,000
Gold and silver had seen profit booking in early trade as investors had waited for triggers and also a speech by the U.S. Fed chair Jeremy Powell that might give a clue on the monetary policies. The gold futures on the MCX had been down by 0.29% or Rs.151 at Rs.51,865 per 10 grams. Silver futures had decreased 1.05% or Rs.701 to Rs.66,366 per kg.
Gold prices had then declined by Rs.94 to Rs.52,990 per 10 gram in the national capital. After the selling pressure in the international market, silver prices had risen by Rs.782 to Rs.69,262 per kg.
Gold prices cross the Rs.55,000 per 10-gram mark
Gold futures for October increased to cross the Rs.55,000 per 10-gram mark, trading higher by 0.4% on the Multi Commodity Exchange. The upcoming target is said to be at Rs.55,350 per 10 grams. Silver futures for September was trading at 1% higher at Rs.75,045 per kg.
The price of gold and silver showed a bullish trend throughout the previous week where gold prices increased by 2.81% and silver had gained 13.73% in the international market. At the Multi Commodity Exchange, gold prices inclined by 1.79% and silver gained by 14%.
According to sources, gold has been getting support at the $2,000 per ounce levels and could test the $2,055 level again. Whereas, at the Multi Commodity Exchange, the metal is getting support at Rs.54,100 per 10-gram levels and could test at Rs.55,340 levels if the price sustains above the Rs.54,880 per 10 grams.
The price of gold dips substantially after hitting record highs
The price of gold in the country fell substantially on 14 July due to a declining trend in the market and profit-taking amongst investors. Gold futures on the Multi Commodity Exchange was down by 0.5% at Rs.48,912 per 10 grams after an incline by 0.55%. Silver prices as well followed suit and were trading at a decline. Silver futures dipped by 1.2% to Rs.52,408 per kg after rising by 3.3% in the previous session.
Gold prices had hit a new high at Rs.49,348 per 10 grams with a rally in the global markets. In the international market, the value of gold eased due to a recovering U.S. dollar. However, the dip in gold prices was capped by constant concern over the rising number of fresh COVID-19 cases all over the world.
The yellow metal dipped by 0.2% to $1,798.52 per ounce and U.S. futures fell by 0.7% to $1,802.20 per ounce. The consistent tensions between China and the United States of America also supported gold prices after disputed claims to offshore resources throughout the South China Sea.
With more cases being reported worldwide, the risk appetite amongst investors has been kept at bay and safe-haven demand for the bullion has been on the rise.
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Gold eases and may show resistance around Rs.46,300
The Indian gold futures had eased after the previous session. The re-opening of the economy, and gains in global equities may dampen the appetite for gold and also cap the upside potential and this may face resistance around Rs.46,300 per 10 gm.
On the MCX, June gold contracts had been trading much lower by 0.15% at Rs.46,034. The silver July futures had been trading around 0.16% lower at Rs.48,109.
The international gold rates had a positive bias as the U.S. dollar had been near a three-month low amidst a lot of fears of an economic fallout from the coronavirus.
Gold and silver rates had rebounded from lows and had tested the resistance in the international market. Gold had then closed at $1,700 and silver had closed around $17.84 per troy ounce.
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Gold prices extend losses to the fourth day in a row
The rates of gold fell for the fourth day in a row in the country on Wednesday. On the Multi Commodity Exchange (MCX), June futures were down by 0.23 percent to cost Rs.45,520 for every 10 grams. The slip extended the previous session’s 0.30 percent drop. In the global market, the rates of the yellow metal increased due to expectations of more stimulus from central banks to support economies. An ounce of spot gold was traded for $1.701.44 after increasing by 0.3 percent.
It must be noted here that the risk sentiment improved today after Prime Minister Narendra Modi informed that the government would spend a total of Rs.20 trillion in a bid to help the economy weather the fallout caused by the coronavirus pandemic.
