Gold Price In India: Gold futures fell sharply on Friday, February 4, amid steady international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, were last seen 1.77 per cent lower at Rs 47,000, compared to the previous close of Rs 47,849.
On the other hand, silver futures surged as participants widened their bets. Silver futures due for a March 4 delivery were last seen 0.64 per cent higher at Rs 61,119 against the previous close of Rs 60,732.
Domestic spot gold with a purity of 24 carats opened at Rs 48,168 per 10 grams on Friday, and silver at Rs 60,751 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
#Gold and #Silver Opening #Rates for 04/02/2022#IBJA pic.twitter.com/ZVhHUyCpk7
Foreign Exchange Rates:
Globally, gold prices were supported by a weak dollar as markets awaited a vital U.S. jobs data that could impact the Federal Reserve's latest hawkish stance on monetary policy. Spot gold edged up 0.1 per cent to $1,806.47 per ounce U.S. gold futures were up 0.2 per cent at $1,807.20.
Analyst View:
Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices in Comex is holding above $1,800 an ounce as central banks globally attempt to rein in persistently high inflation, while volatility in equities and simmering geopolitical tensions between Russia and Ukraine are providing support for the haven asset. Also, US January's employment report due Friday is expected to be weak which will further support gold prices to advance."
He suggested, "Buy Zone above - Rs 48,000 for the target of Rs 48,300. Sell Zone below - Rs 47,750 for the target of Rs 47,500."
Gold is considered a hedge against inflation and geopolitical risks, but interest rate hikes would raise the opportunity cost of holding non-yielding bullion.
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