Gold price today inches towards Rs 47,400; silver jumps to Rs 70,650

Gold price today inches towards Rs 47,400; silver jumps to Rs 70,650

NEW DELHI: Gold and silver futures prices traded with gains on Tuesday following the trend in the international market, thanks to easing dollar. Hopes of a stimulus also lifted the appeal for gold.

The dollar eased against rivals, making gold more affordable. However, benchmark US Treasury yields rose to their highest levels since March, which in turn increased the opportunity cost of holding bullion.

Gold futures on MCX were up 0.30 per cent or Rs 140 at Rs 47,381 per 10 grams. Silver futures added 0.79 per cent or Rs 552 to Rs 70,681 per kg.

“COMEX gold trades little changed near $1,825/oz as support from weaker US dollar, mixed economic data from major economies and hopes of additional US stimulus is countered by higher bond yields, improvement in virus situation and continuing ETF outflows. Gold may remain choppy unless there are fresh triggers, however general bias may be on the upside amid weakness in the US dollar,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

In the spot market, gold prices declined marginally by Rs 19 to Rs 46,826 per 10 gram here on Monday in line with weak global cues and rupee appreciation. Silver, however, gained Rs 646 to Rs 69,072 per kg.

Trading strategies

“Gold prices kept sideways to down trend on mixed global cues and dollar fluctuations which kept trading range above 90 mark. We expect gold prices to trade sideways to down for the day. MCX Gold April futures support lies at Rs 47,000 per 10 gram and resistance at Rs 47,600 per 10 gram,” Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Global markets

Spot gold edged up 0.1 per cent to $1,820.71 per ounce. US gold futures slipped 0.1 per cent to $1,822.10, while silver gained 0.2 per cent to $27.63.

Platinum rose 1 per cent to $1,315.32 by 0102 GMT, after hitting its highest since September 2014 at $1,320.50. The metal is used by automakers for catalytic converter manufacturing to clean car exhaust fumes.

Palladium, also used in the auto sector, climbed 0.3 per cent to $2,394.57, having hit a one-month peak of $2,415.68 in the previous session.

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