Gold Price In India: Gold futures traded in the negative territory on Wednesday, August 25, as the yellow metal mirrored trends in the international markets. On the Multi Commodity Exchange (MCX), gold futures due for an October 5 delivery, were last seen trading lower by Rs 240 - or 0.5 per cent - at Rs 47,372, compared to their previous close of Rs 47,612. Silver futures due for a September 3 delivery also traded negative and were last down 0.46 per cent at Rs 63,181 against a previous close of Rs 63,474. (Also Read: SBI Offers 7.5% Interest Rate On Gold Loan: How To Apply On YONO App )
Domestic spot gold opened at Rs 47,555 per 10 grams on Wednesday, and silver at Rs 63,414 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Gold is considered to be a hedge against inflation, according to experts. In the international markets, gold prices declined as an uptick in the American currency and a buoyant risk appetite dimmed the safe-haven metal's appeal.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
“COMEX gold trades 0.7 per cent lower near $1795/oz after a 0.1 per cent gain yesterday. Gold fell after failing to build on the gains above $1800/oz level. Weighing on gold is some recovery in the US dollar index after recent losses, improved risk appetite and continuing ETF outflows.
However, supporting price is mixed US economic data, persisting virus risks and geopolitical tensions relating to Afghanistan. Gold has slipped back below $1800/oz on Fed uncertainty however increasing risks to the global economy may keep prices supported.”