Connect with us


Gold prices today fall for 2nd day, down 9,000 from record highs

Gold prices edged lower in Indian markets today, extending the sharp losses of the previous session. On MCX, gold futures eased 0.1% to ₹47,474 per 10 gram while silver futures rose 0.3% higher to ₹47474 per kg. In the previous session, gold had declined 1% while silver 0.33%. In India, gold rates are down about ₹9,000 from its August highs of ₹56,200. Analysts say that the correction in gold prices could help boost physical gold demand in India.

In global markets, gold rates eased today, weighed down by a stronger US dollar and higher Treasury yields. Spot gold dipped 0.3% to $1,820.73 per ounce. The dollar and benchmark 10-year U.S. Treasury yields ticked higher, reducing gold’s appeal.

“As long as the resistance of $1870 remain capped, there are chances of corrective selloffs for the day. However, a direct drop below $1790 is needed to trigger major liquidation pressure in the counter,” Geojit said in a note.

MCX gold has support at ₹46220 and resistance at ₹48,060, the brokerage added.

“Gold may continue to reflect trend in US dollar with focus on global virus situation as well as US stimulus and central bank monetary policy stance. However, we are seeing some signs of exhaustion near $1850/ounce level and a small correction can’t be ruled out if US dollar manages to regain some lost ground,” Kotak Securities said in a note.

Supporting gold price is expectations of higher demand from China during Lunar New Year holidays and improved demand from India post government’s move to reduce import duty, analysts say.

“However, weighing on gold price is weaker investor ETF interest. Also weighing on price is some improvement in virus situation and progress on vaccine front even as concerns persist about spread of variants and uneven vaccine distribution,” Kotak added.

In India, however, gold ETFs saw a surge in inflows in January.




Continue Reading


Covid-19 Updates (India)

02 Mar 2021, 10:51 AM (GMT)

Coronavirus Stats

11,139,313 Total Cases
157,385 Death Cases
10,810,161 Recovered Cases




Subscribe to our newsletter

Please wait...
Want to be notified when our article is published? Enter your email address and name below to be the first to know.


Total Users : 477962
Views Today : 23871
Total views : 3232398

Copyright © 2020 JK Media. Powered by Rodiex