Gold Price in India: Domestic gold futures witnessed a slightly positive session on Thursday, February 18, after plunging to record lows in the past few days. Gold prices recovered Rs 158 to Rs 46,395 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand. Silver prices also recovered Rs 68,239 per kg. Multi Commodity Exchange (MCX) gold futures, due for an April 5 delivery, was last seen trading 0.06 per cent higher at Rs 46,263.00, having swung between Rs 46,212.00 and Rs 46,498.00 during the session compared to their previous close of Rs 46,237. Silver futures were trading lower by 0.68 per cent at Rs 68,760. (Also Read: Is Silver The New Gold?)
Domestic spot gold closed at Rs 46,439 per 10 grams on Thursday, and silver at Rs 68,700 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). Gold prices traded 0.47 per cent higher at $ 1,781.10 per ounce in New York. Analysts said that fresh positions built up by participants led to the rise in gold prices.
“COMEX gold trades higher near $1782/oz after a 1.5 per cent decline yesterday when it slumped to Nov.2020 lows. Gold has inched up as US bond yields retreated from one-year high while FOMC minutes showed that the central bank may keep monetary policy accommodative. However, weighing on price is reduced safe-haven demand and continuing ETF outflows. Gold is seeing some recovery after recent sell-off however the momentum may remain weak unless price rescales $1800/oz or there is a sharp correction in the US dollar,'' said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Meanwhile, the rupee settled marginally higher by nine paise against the US dollar at 72.65 (provisional) amid muted domestic equities. Brent crude futures, the global oil benchmark, advanced 0.28 per cent to $ 64.52 per barrel.