Gold price today falls below Rs 47,500; silver inches towards Rs 69,000

Gold price today falls below Rs 47,500; silver inches towards Rs 69,000

NEW DELHI: Gold and silver futures prices traded mixes on Friday with yellow metal trading flat with a negative bias led by rising US dollar and treasury yield while the white metal registered gains.

Meanwhile, US President Joe Biden plans to ask Congress this month to invest heavily in infrastructure after his $1.9 trillion Covid-19 aid package makes its way through.

Gold futures on MCX were down 0.02 per cent or Rs 11 at Rs 47,497 per 10 grams. Silver futures added 0.34 per cent or Rs 233 to Rs 68,725 per kg.

“Gold weakened as the recent decline in the US dollar index came to a halt. Also weighing on price is continuing ETF outflows and weaker inflation. However, supporting price is mixed US economic data, US stimulus expectations, forecast of huge US fiscal debt and renewed focus on US-China relation,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

In the spot market, gold in the national capital gained marginally by Rs 36 to Rs 47,509 per 10 gram on Thursday in line with firm global prices. Silver also jumped Rs 454 to Rs 69,030 per kg.

Trading strategy

“Traders and investors are looking for fresh triggers to mount on gold bulls. We expect gold prices to trade sideways to down for the day. MCX Gold April support lies at Rs 47,200 and resistance at Rs 47,800 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Global markets

Gold eased on Friday as the dollar and Treasury yields edged higher, but prices were on course for their best week in three as hopes of more US stimulus underpinned the metal.

Spot gold dipped 0.3 per cent to $1,820.73 per ounce by 0245 GMT. Prices were up 0.5 per cent so far this week. US gold futures slipped 0.3 per cent to $1,821.10.

Spot platinum fell 1.9 per cent to $1,211.01 an ounce as investors booked some profits after prices scaled an over 6-year peak of $1,268.88 on Thursday. Silver fell 0.2 per cent to $26.89 and palladium was steady at $2,344.38.

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