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Gold Rates, Silver Fall; Yellow Metal Trades Below Rs 50,100 -By ASC


Local spot gold with 24 carat purity opens at a price of Rs 50,297 per 10 grams.

Gold and silver futures fell on Wednesday, taking cues from international spot rates. On the Miscellaneous Commodity Exchange (MCX), gold futures, which are expected for delivery on June 3, were last seen down 0.22 per cent at Rs 50,065, compared to the previous close of Rs 50,173. The silver futures, which are expected for delivery on July 5, were last seen 0.60 per cent lower at Rs 60,790 compared to the previous close at Rs 61,156.

Domestic spot gold with 24 carat purity opened at Rs 50,297 per 10 grams today, and silver at Rs 60,961 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai -based industry body Indian Bullion and Jewelers Association (IBJA).

Foreign exchange rate:

Gold prices fell as the U.S. dollar recovered slightly, increasing pressure on U.S. dollar -priced bullion in addition to firm Treasury yields and an aggressive inflation stance by Federal Reserve Chairman Jerome Powell.

Spot gold fell 0.29 percent to $ 1,809.40 per ounce. U.S. gold futures fell 0.6 percent to $ 1,808.10.

A higher dollar usually reduces the attractiveness of gold for investors holding other currencies.

Analyst’s View:

Ravindra Rao, CMT, EPAT, VP – Head of Commodity Research at Kotak Securities: “COMEX gold traded slightly lower at nearly $ 1,810 an ounce affected by a pause in the recent decline in the US dollar index following hawkish comments from the Fed Chairman. ETF outflows also indicate a continued exodus by investors. Gold may remain volatile as market players react to numbers. economy and central bank comments. The Fed’s tight review may keep pressure on prices. “

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