Gold Price In India: Gold futures traded higher on Thursday November 11, as the yellow metal mirrored trends in international markets. On the Multi Commodity Exchange (MCX), gold futures due for an December 3 delivery, were last seen trading higher by Rs 196 or 0.4 per cent - at Rs 49,050, compared to their previous close of Rs 48,854. Silver futures due for a December 3 delivery were last up 0.79 per cent at Rs 66,400 against a previous close of Rs 65,878.
Domestic spot gold opened at Rs 49,140 per 10 grams on Thursday, and silver at Rs 66,348 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Gold In International Markets:
Globally, gold prices eased on Thursday after rallying to a five-month high in the previous session, as investors reassessed how the US Federal Reserve would respond to a surge in consumer prices last month, according to news agency Reuters.
The yellow metal rose to its highest since June 15 on Wednesday after data showing US consumer prices recorded their biggest annual gain in 31 years last month, sparked AN interest in gold as an inflation hedge.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
''COMEX gold trades mixed near $1850/oz after a one per cent gain yesterday when it tested June highs. Gold rallied sharply as US inflation data fueled growth worries and increased gold's appeal as an inflation hedge.
Gold however pared gains as rising inflationary pressure also boosted expectations that Fed may be forced to tighten monetary policy soon and this pushed US dollar index to July 2020 highs and bond yields higher. Gold has witnessed a sharp rally in last few session and price is holding near $1850/oz level indicating upward momentum.''
Dr. Ravi Singh, Vice President & Head of Research, ShareIndia:
''US consumer prices jumped 6.2 per cent on an annual basis in October – the highest since 1990. On account of the data, gold jumped nearly $40 in Comex and touched the level of 49000 in MCX.
Fed officials already quoted that if inflation keeps rising at its current pace then a more aggressive policy response may be adopted. Taking cue from this, gold prices have recovered it's losses and is expected to remain in same trend for few more days.
Buy zone around - 48800 for the target of 49300; Sell zone below - 48600 for the target of 48300''
Mr Amit khare, AVP- Research Commodities, Ganganagar Commodity Limited:
''Gold and silver prices were solidly higher at midday Wednesday, with gold notching a five-month high and silver a three-month peak. Hot inflation numbers from the US and China fueled buying interest in the precious metals markets today, as traders and investors are seeking out hard-asset hedges against rising prices.
Gold and Silver showed superb buying from bottom on the 10th November trading session. On MCX, December gold contracts closed up by 1.17 per cent at Rs 48,854 for 10 grams. While December contract silver futures closed at Rs 65,878 a kilogram, 2.02 per cent up.
Both metals are continuously rising since five trading sessions. As per technical chart at current prices both metals are looking risky for fresh buying....traders are advised to book their longs and should wait for fresh buying in good correction.''
Foreign Exchange Rates:
In an early trade session, the rupee declined 17 paise to 74.51 against US dollar. The dollar hit 2021 highs against sterling and the euro on Thursday, after the US inflation data fanned bets on rate hikes.
Mr Amit Pabari, MD, CR Forex:
''Globally, the safe heaven dollar index rose up to 94.90, hitting levels not seen since September of 2021 as US inflation jumped to an annual rate of 6.2 per cent in October, above market expectations of 5.8 per cent and the highest since December 1990.
Expectations of earlier tightening were revived as Fed had mentioned for a potential increase in interest rates once inflation peaks beyond control and employment reaches the target. This could keep dollar stronger, limiting gains in rupee. Also the rally for an appreciation in rupee faded beyond 73.80 as RBI finally intervened.''