Home NewsCommodities News Gold rate today: Yellow metal gains marginally; silver at Rs 59,500 level

Gold rate today: Yellow metal gains marginally; silver at Rs 59,500 level

by WOOWinvest
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Gold rate today: Yellow metal gains marginally; silver at Rs 59,500 level


New Delhi: Gold prices edged higher on Monday, rebounding from recent lows, despite the continued strength of the dollar.

The U.S. dollar opened the week from 20-year highs against other currencies as investors sought safety amid concerns about global growth and continued to reduce the appeal of rival safe-haven gold to buyers holding other currencies.

Gold Futures

It traded marginally up 0.08 percent or 42 rupees to 49,915 rupees per 10 grams. However, silver futures were up about 0.28 percent or 168 rupees at 59,500 rupees a kilo.

Although seen as an inflation hedge, gold is sensitive to increases in U.S. short-term interest rates and bond yields, which raise the opportunity cost of holding gold.

Ravi Singh, vice president and head of research at ShareIndia, said that more pullbacks in gold are likely in the coming weeks, which could be a good opportunity to enter and go long.

“Higher inflation and geopolitical volatility are supporting gold prices, however, various physical tightening measures by central banks to curb inflation and a stronger dollar are pushing gold to lower levels,” he added.

In the spot market, gold of the highest purity sold at Rs 50,465 per 10 grams on Friday, while silver was sold at Rs 59,106 per kilo, according to the Gold and Silver Jewellers Association of India.

Gold spot prices have fallen by more than Rs 2,000 per 10 grams over the past three weeks, while silver has lost around Rs 7,600/kg over the same period.

Trading Strategy “We expect gold to trade sideways on the day with COMEX spot gold support at $1,790 and resistance at $1,830 an ounce. MCX gold June support at Rs 49,700 and resistance at Rs 50,200 per 10 grams,” Tapan Said Patel, Senior Analyst (Commodities),

securities.

Spot gold on global markets was up 0.1% at $1,812.15 an ounce by 0227 GMT. U.S. gold futures rose 0.1% to $1,809.80.

Gold prices fell for a fourth straight week on Friday, falling more than 1 percent to $1,798.86 an ounce, the lowest since Feb. 4, before closing at $1,811.15.

Spot silver was down 0.1% at $21.06 an ounce, platinum was flat at $938.46 and palladium was up 0.3% at $1,949.88.

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