Prices of precious metals (gold and silver) declined marginally on Multi Commodity Exchange on Akshaya Tritiya day, the day considered by many as an auspicious to make purchases of precious metals like gold and silver believing that it will bring good luck. Price of gold futures for delivery in June on the Multi Commodity Exchange declined as much as 0.2 per cent to Rs 47,343 per 10 grams. In the spot market, 24 carat or fine gold was priced at Rs 47,760 per 10 grams, 22 carat gold was sold at Rs 46,140, 18 carat gold was priced at Rs 38,210 and 14 carat gold was sold at Rs 31,760, according to India Bullion and Jewellers Association (IBJA).
“COMEX gold trades little changed near $1820/oz after a 0.1 per cent gain yesterday. Gold stabilized as US bond yields eased back after testing the highest level in more than a month. Also supporting price is increased tensions between Israel and Gaza. However, weighing on price is ETF outflows, concerns about consumer demand in India and increasing debate that inflation pressure may cause monetary tightening. Gold may remain choppy reflecting volatility in the US dollar however we expect buying interest to emerge at lower levels as Fed is likely to maintain a dovish stance,” said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities.
In international markets, gold was Gold prices fell on Friday and were on track for a weekly loss, as firmer dollar and rising U.S. Treasury yields dampened the metal's safe-haven appeal.
Spot gold was down 0.3 per cent at $1,821.89 per ounce by 0401 GMT. For the week, bullion has lost nearly 0.5 per cent.
U.S. gold futures eased 0.1 per cent at $1,822.10.
Benchmark U.S. 10-year Treasury yields were trading above the key 1.6 per cent level and were on track for a strong weekly rise. Higher bond yields raise the opportunity cost of holding non-interest bearing gold.
Back home, silver prices were also trading marginally lower on Akshaya Tritiya day. Silver futures for delivery in July declined as much as 0.19 per cent to hit an intraday low of Rs 70,337. In spot market silver was priced at Rs 70,948 per kilogram.