Gold Price in India: Domestic gold futures witnessed a highly volatile trading session on Tuesday, December 8, as the yellow metal gained upon positive global trends, then lost steam amid record highs in equities. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading lower by 0.19 per cent - at Rs 49,849, having swung between Rs 50,078 and Rs 49,905 during the session compared to their previous close of Rs 49,946. Silver futures for a March 5 delivery were lower by Rs 0.85 per cent at Rs 64,940. (Also Read: Is Silver The New Gold?)
The rupee strengthened 30 paise against the US dollar on Tuesday, to settle at 73.60 (provisional), amid heavy buying in domestic equities.
Domestic spot gold closed at Rs 49,782 per 10 grams on Tuesday, and silver at Rs 63,839 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
In the international market, gold was quoting at $1,864 per ounce, while silver was trading flat at $24.52 per ounce.
What Analysts Say
''Spot gold prices for 24 carat in the national capital rallied Rs 816, reflecting gains made in international gold prices'', said Tapan Patel, HDFC Securities, Senior Analyst (Commodities).
''Gold prices touched a two-week high on Tuesday as investors pinned hopes on a U.S. fiscal stimulus deal to cushion the economic blow from surging coronavirus infections. MCX Gold took a slight gap up opening after that fill the gap downside, although it made a 2-week high but now it's going to make a new low of the day, 20 SMA also gives cross over at the level of 50050 which indicate that it will go more down from here,'' said Kshtij Purohit, Lead, International and Commodities, CapitalVia Global Research.
"Gold prices rose amidst mounting COVID-19 cases and comments of various Fed officials which showed concern regarding the impact of Covid on the economy. Other than that, there are a lot of positive expectations regarding the Covid bill this week, hence supporting the metal prices," said Navneet Damani, VP - Commodities Research, Motilal Oswal Financial Services.