Gold Price In India: Gold futures traded in the negative territory on Wednesday, September 15, as the yellow metal mirroring muted trend in the global markets. On the Multi Commodity Exchange (MCX), gold futures due for an October 5 delivery, were last seen trading lower by Rs 45 - or 0.1 per cent - at Rs 47,215, compared to their previous close of Rs 47,260. Silver futures due for a December 3 delivery were last down 0.27 per cent at Rs 63,415 against a previous close of Rs 63,585. (Also Read: IIFL Finance Offers 0.79% Interest Rate On Gold Loan: All You Need To Know )
Domestic spot gold opened at Rs 47,382 per 10 grams on Wednesday, and silver at Rs 63,013 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What experts say:
On Tuesday, September 14, the rupee settled at 73.68 against the US dollar. Gold prices have a direct relationship with the dollar and mostly tracks an inverse relationship with the strengthening of the rupee against the greenback.
''Rupee to open around 73.70 and remain in a range of 73.40/73.85 for the day. The WPI data of India came at 11.39 per cent a tad higher than last month's 11.16 per cent. The trade deficit for August at around $14 billion was also higher while exports increased by 33 per cent over last year taking them nearer to the target for current year of $400 billion.
Market waiting for FED on 22nd. Till then we keep selling the good upticks and importers to wait for below 73.20,'' said Mr. Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
''COMEX gold trades marginally lower near $1805/oz after a 0.7 per cent gain yesterday. Gold has paused near $1800/oz after yesterday's gain but remains supported by choppiness in US dollar, renewed virus concerns, disappointing economic data from China, concerns about China's regulatory crackdown and increased geopolitical tensions.
ETF investors moved to sidelines after brief inflows earlier in the week. Gold may witness choppy trade along with US dollar however increasing challenges to global economy and easing price pressure in US may keep prices supported,'' said Mr Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities.