Gold Price Today: Silver In Green, Gold Trades Weaker Mirroring Global Trends

Gold futures were last seen trading lower by Rs 7- or 0.02 per cent – at Rs 46,069

Gold Price In India: Gold futures traded mixed on Friday, September 17, as the yellow metal mirrored trends in the international markets. On the Multi Commodity Exchange (MCX), gold futures due for an October 5 delivery, were last seen trading lower by Rs 7 – or 0.02 per cent – at Rs 46,069, compared to their previous close of Rs 46,076. Silver futures due for a December 3 delivery were last up 0.29 per cent at Rs 61,254 against a previous close of Rs 61,077. 

Domestic spot gold opened at Rs 46,333 per 10 grams on Friday, and silver at Rs 61,063 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Gold prices track a direct relationship with the dollar and shares an inverse relationship with the strengthening of the rupee against the US dollar.

Mr Amit Pabari, MD, CR Forex:

”Despite the equity market’s outperformance, Rupee has been in the range of 73.00-75.00 zone over the last few months as RBI is managing it closely. Further, unexpected growth in the US, elevated inflation, and steady job market favours tapering case and hence bullish for USD against its peers. This could keep the rupee regularly in check.

In a nutshell, the tussle between ‘RBI/importers’ and ‘inflows’ continue further and hence Rupee could trade in the tight range of 73.30 to 73.80 over the short term and 73 to 74.20 over the medium term. The bias is likely to remain on the upside.”

”COMEX gold trades little changed near $1756/oz after a sharp 2.1 per cent decline yesterday. Weighing on gold is upbeat US economic data which strengthened the case for Fed’s monetary tightening. However, supporting price is rising inflation concerns, persisting virus risks, concerns about the health of the Chinese economy and increased geopolitical tensions.

ETF inflows also showed some buying interest at lower levels however the pace was modest. Gold’s sharp fall has dented market sentiment however we believe that market reaction to US data was exaggerated and price may stabilize near $1750/oz level,” said Mr Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities. 

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