Gold Price Today: Gold Futures Trade Marginally Higher As Dollar Pauses Rally

Gold, Silver Price Today, 30 September 2021: On the Multi Commodity Exchange (MCX), gold futures due for an October 5 delivery, were last seen trading higher by Rs 239- or 0.52 per cent - at Rs 45,824

Gold Price Today: Gold Futures Trade Marginally Higher As Dollar Pauses Rally

Gold futures were last seen trading higher by Rs 239- or 0.52 per cent at Rs 45,824

Gold Price In India: Gold futures continued to trade marginally higher on Thursday, September 30, as the yellow metal mirrored trends in global market while remaining below the Rs 46,000 level. On the Multi Commodity Exchange (MCX), gold futures due for an October 5 delivery, were last seen trading higher by Rs 239 - or 0.52 per cent - at Rs 45,824, compared to their previous close of Rs 45,585. Silver futures due for a December 3 delivery were last up 0.22 per cent at Rs 58,549 against a previous close of Rs 58,386.

Domestic spot gold opened at ₹ 45,959 per 10 grams on Thursday, and silver at ₹ 58,239 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
 

Gold in international markets:

Today, gold prices inched higher today as the US dollar's rally paused and Treasury yields slightly eased. Yesterday, treasury yields eased but held near its seven-week curve on expectations of a sooner-than-expected U.S. interest rate hike.
 

Foreign exchange rates:

On Thursday, the rupee declined 22 paise to 74.36 against the dollar in an early trade session. Gold is a hedge against inflation and inches higher against a weaker greenback. Gold rates appreciate in rupee terms, if the rupee falls against the US dollar. The US Federal Reserve meeting indicated a hike in interest rates  which drove the dollar to a multi-month high. 
 

Mr Amit Pabari, MC, CR Forex:

''The US dollar index strengthens to 94.43- Its highest level over a year amid rising prospects of higher global inflation due to rising crude oil, natural gas, and coal prices across the US, Europe, UK, and China. Further, elevated US 10 year bond yield on hawkish Fed's tone for tapering; causing real rates to recover and hence pressurizing on DM and EM FX. 

On the domestic front, equity markets are expected to trade on a cautious note ahead of rising uncertainty globally. The RBI is expected to stay away from the market as they could keep the Rupee value in line with the other peer EM FX.''
 

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:

''COMEX gold trades marginally higher near $1732/oz after a 0.8 per cent decline yesterday when it tested 7-week low. Gold inched up today as the US dollar index paused after its recent rally to ne-year high. Also supporting price is mixed economic data, concerns about China, rising inflation pressure and US debt ceiling debate.

However, weighing on price is continuing ETF outflows which show weaker investor interest. Also weighing on price is increasing expectation of Fed's monetary tightening. Gold is witnessing some relief rally however it may not sustain as Fed's monetary tightening expectations may keep US dollar supported.''

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