Gold Price Today: Gold Futures Edge Higher, Hover Near Rs 46,800 Mark
Domestic spot gold opened at ₹ 46,706 per 10 grams on Thursday Gold futures were last trading higher by 0.34 per cent at ₹ 46,768 Silver futures were last up 0.33 per cent at Rs 67,860
Gold Price In India: Domestic gold futures witnessed volatile trading marginally higher on Thursday, April 15. On Multi Commodity Exchange (MCX) gold futures, due for a June 4 delivery, were last seen trading higher by Rs 160 - or 0.34 per cent - at Rs 46,768, having swung between Rs 46,680 and Rs 46,896 during the session so far, compared to their previous close of Rs 46,608. Silver futures for a May 5 delivery were last up 0.33 per cent at Rs 67,860. (Also Read: Is Silver The New Gold?)
Domestic spot gold opened at Rs 46,706 per 10 grams on Thursday, and silver at Rs 67,953 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What analysts say:
''Gold Spot trading near $1735 levels. Gold prices moved lower on Wednesday, despite a declining dollar. The rise in the 10-year yield came despite the budget deficit hitting an all-time high. Treasury yields appear to be topping out, which could lead to a rally in the yellow metal,'' said Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited.
''Downside support is $1720 levels, Resistance is at $1760 levels. MCX Gold June trading with negative momentum in evening session, Downside support for the metal is 46650. Resistance for the metal is 47050,'' he added.
“COMEX gold trades little changed near $1735/oz after a 0.6 per cent decline yesterday. Gold eased back after failing to sustain above $1750/oz. Weighing on gold price is increasing optimism about the US economy and continuing ETF outflows,'' said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
''However, supporting price is Fed's emphasis on keeping interest rates low and worsening virus situation. Gold is struggling to sustain above $1750/oz amid mixed factors however rising virus cases and loose monetary policy stance may continue to support prices,'' he added.