Gold Price Today: Gold Futures Edge Higher To Rs 49,600/10 Grams Mark As Dollar Dips
Gold Price In India: Domestic gold futures edged higher on Wednesday tracking global benchmarks and weakness in the US dollar, which made the yellow metal cheaper for investors dealing in other currencies. Multi Commodity Exchange (MCX) gold futures, due for a February 5 expiry, gained by Rs 183, or 0.37 per cent, to touch the Rs 49,626 per 10 grams mark at the strongest level recorded during the session. At 10:08 am, the gold contract traded 0.26 per cent higher at Rs 49,573 per 10 grams, while the silver contract, due for a March 5 expiry, quoted higher by Rs 341, or 0.53 per cent, at Rs 65,194 per kilogram. (Also Read: Is Silver The New Gold?)Â
Globally, Comex gold futures traded 0.29 per cent higher at $1,860.60 per ounce at the last count, having risen as much as 0.37 per cent to $1,862.20 per ounce earlier.Â
The rupee traded 0.18 per cent stronger at 73.51 against the US dollar compared to its previous close. The dollar index — which gauges the greenback against six currencies — traded 0.06 per cent lower. Â
#Gold and #Silver Closing #Rates for 15/12/2020#IBJA pic.twitter.com/DoGZpQxuhF
December 15, 2020Domestic spot gold closed at Rs 49,296 per 10 grams on Tuesday, and silver at Rs 63,170 per kilogram — both excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).Â
What Analysts Say
Ravindra Rao, VP-head commodity research, Kotak Securities:
COMEX gold trades higher near $1,860/oz after a 1.3 per cent gain yesterday. Supporting the gold price are US policymakers' efforts to finalize a stimulus deal, hopes of a loose monetary policy stance of central banks, uncertainty around Brexit and rising coronavirus cases.
However, continuing exchange traded fund outflows and progress on the vaccine front are weighing on the price.Â
Kshitij Purohit, lead currency and commodity, CapitalVia Global Research:
The MCX Gold February contract is trading bullish, having given a close above the Rs 49,200 mark which is a 21-day simple moving average, indicating that a positive momentum will continue.
The downside support for the yellow metal is at Rs 49,000-48,600, and resistance at Rs 49,700.Â
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