Gold Futures Falls Over 300 Points; Yellow Metal Trades Below Rs 48,000 Mark
Gold Price In India: Witnessing a volatile trading session throughout the day, domestic gold futures declined more than 300 points on Thursday, April 22. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 455 - or 0.94 per cent - at Rs 47,773, having swung between Rs 47,660 and Rs 48,260 during the session so far, compared to their previous close of Rs 48,228. Silver futures for a May 5 delivery were last down 1.17 per cent at Rs 69,516. MCX Silver futures fell around 600 points since its previous close. (Also Read: Is Silver The New Gold?)
Domestic spot gold closed at Rs 47,814 per 10 grams on Thursday, and silver at Rs 69,800 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
''On the domestic front, MCX Gold June opened on a flat note and has declined more than 300 points since morning. Prices have taken the support of 50-SMA and may rise from here, testing 48250-48400 levels on the upside in the evening session,'' said Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited.
''MCX Silver May opened on a flat note and has fallen approx 600 points since the previous close. Support of 69400-69150 levels may be tested in the upcoming session after which prices may rise and continue to trade in the uptrend,'' he added.
Meanwhile, in global markets, gold declined, retreating from a two-month high as an upbeat jobs report in the US indicated steady economic recovery, that hurt the metal's appeal. Palladium held its near an all-time high.
What analysts say:
''International Gold and Silver prices are trading marginally on the weaker side as Covid vaccination process around the globe has gained speed. Weaker US Treasury yields and US dollar has capped the precious metals' appeal,'' added Mr Purohit.
''COMEX gold trades mixed near $1795/oz after a 0.8 per cent gain yesterday. Gold remains supported by lower bond yields, general weakness in the US dollar, worsening virus situation and rising US-Russia tensions. However, weighing on price is lack of investor buying and concerns about India's consumer demand owing to sharp price gains,'' said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
