Yellow metal prices crawled upwards on Tuesday as on the MCX, gold October futures were trading at Rs 47,239 per 10 grams, just Rs 14 up from the previous close of Rs 47,225.
Silver prices however moved up significantly, as on the MCX, silver September futures rose by Rs 193 to trade at Rs 63,650 per kg. They had ended at Rs 63,457 per kg during the previous session.
Globally, gold prices maintained their stability, as spot gold was at $1,787.90 per ounce, after hitting its highest since August 6, 2021 at $1,788.97 on Monday. US gold futures eased by 0.1 per cent to $1,788.40.
“COMEX gold trades marginally lower near $1788 per ounce after a 0.7 per cent gain yesterday. Gold is pressurized by some hawkish Fed comments, persistent strength in US equities and continuing ETF outflows. However, supporting gold price is disappointing US and Chinese economic data, rising virus cases and increasing tensions relating to Afghanistan. Gold may remain supported by increasing economic challenges and geopolitical risks however we need to see a break above $1800 per ounce for a sustained rise,” said Ravindra Rao, Head of Commodity Research at Kotak Securities.