Gold Trades Flat, Silver Rises Nearly 1% Amid Subdued Trading

Gold was trading on a flat note while silver advanced in subdued trading in domestic markets amid lack of cues from international markets.

Gold Trades Flat, Silver Rises Nearly 1% Amid Subdued Trading

Silver was outperforming gold as silver future contracts expiring today advanced as much as 0.8%.

Gold, silver price today: Gold was trading on a flat note while silver advanced in subdued trading in domestic markets amid lack of cues from international markets on Monday. Gold futures for delivery in August rose 0.13 per cent to hit an intraday high of Rs 47,349 per 10 grams. In spot market, fine gold with purity of 24 carats was priced at Rs 47,590 per 10 grams, 22 carat gold was retailed at Rs 45,970, 18 carat gold was being sold at Rs 38,070 and 14 carat gold was retailed at Rs 31,650 per 10 grams, according to India Bullion and Jewellers Association's tweet.

"COMEX gold trades modestly higher near $1789/oz after a 0.4 per cent gain on Friday. Gold has inched up as mixed US non-farm payrolls data has brought a halt to the US dollar's rise. Renewed virus concerns have also increased gold's safe haven appeal. However, weighing on price is weaker investor interest and Fed's monetary tightening expectations. Gold has edged up on mixed US jobs report however upside remains restricted by persisting worries about Fed's monetary tightening," Ravindra Rao, CMT, EPAT, Vice President- Head Commodity Research at Kotak Securities told NDTV.

Gold inched up on Friday, as concerns over the spread of the coronavirus' Delta variant boosted bullion's appeal, while investors awaited US non-farm payrolls data as it might influence the timing of a shift in the Federal Reserve's policy stance.

Spot gold rose 0.1 per cent to $1,778.52 per ounce. It has fallen 0.1 per cent so far this week. US gold futures added 0.1 per cent to $1,778.

The highly contagious Delta variant of the coronavirus has made countries in Asia and Europe walk back on reopening plans, while White House said it would send out special teams to hot spots around the country to combat the contagion.

Meanwhile, silver was outperforming the yellow metal as silver future contracts expiring today advanced as much as 0.8 per cent to hit an intraday high of Rs 69,675 per kilogram. In spot market silver priced at Rs 68,975 per kilogram, according to IBJA.