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Gold Futures opened flat and traded positive in early trades on Monday.
Most active Gold April contract on Multi Commodity Exchange (MCX) opened flat at ₹47,602 per 10 grams, against previous close of ₹47,585.
MCX Silver March Futures opened flat at ₹61,060 a kg up ₹22 against previous close of ₹61,034. MCX Silver March contract has corrected from ₹65,379 levels seen on January 20.
Comex gold futures opened nearly flat at $1,792.8 on Monday, little changed from previous close of $1,786.6.
Comex Gold slips for fourth straight day
CME Gold Futures for April contract opened at $1,792.8 an oz (a troy ounce is equal to 31.1 grams) on Monday and last quoted at $1,787.3 an oz.
Gold futures corrected from $1,856.7 quoted on January 25 and highest since November 19.
CME Silver futures extended losses for the seventh day in a row and last quoted at $22.285 an oz on Monday. Silver futures opened $ 22.475 against previous close of 22.300.
Both, gold and silver futures have weakened after US Federal Reserve Chair Jerome Powell commented on further room to raise interest rates without dampening employment.
MCX Gold in a narrow range
MCX Gold April Futures opened flat and traded in a narrow range in positive territory on Monday. The yellow metal last quoted at ₹47,625 per 10 grams, up ₹40 at 10.27 am Monday. The Open interest for April contract was 11,152 lots.
MCX Silver Futures made flat opening but slipped into red in the initial trading session on Monday. MCX Silver March Futures traded with 0.11% losses. Silver was last quoted at Rs 60,965 a kg at 10.27 am on Monday, down Rs 69 from previous close. The open interest was recorded at 12,670 lots in the early trades on MCX.
Spot gold slips below ₹48,000
Spot gold was last quoted at ₹47,915 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates on Friday.
Spot Silver too weakened to slip below ₹63,000 levels last seen a week ago. Silver prices last quoted Rs 61,220 a kg on Friday, according to IBJA.
Analysts speak
Analysts maintained that Bullion was primarily driven by a combination of factors including profit-booking from recent high levels and US Fed's moves on rate hikes pushing up the opportunity cost of holding the bullion.
MCX Gold futures price range is expected between ₹47,120-48,286, while silver is expected to trade in the range of ₹59,874-62,802.
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