Gold futures gain ₹141 at the opening amidst choppy dollar

Gold futures made a positive opening on Thursday, tracking Comex gold which sustained its levels above $1,800.

Gold February futures on Multi Commodity Exchange (MCX) opened at ₹48,340 up ₹141 per 10 grams against the previous close of ₹ 48,199.

MCX silver March Futures opened with marginal gains of ₹95 at ₹62,283 a kg against previous close of ₹62,188.

Comex gold futures stayed above $1800 levels as it made early gains of $3.7 to last quote at $1,805.9 for CME February futures.

1. Comex Gold maintains above $1800 levels

Comex gold extended its advances on Thursday and stayed above the important level of $1800 oz (a troy ounce is equal to 31.1 grams). Gold gained strength from a choppy dollar and safe-haven demand that was fuelled by spreading Omicron threat around the world.

CME gold February Futures were last quoted at $1806.9 an oz. The prices recovered by over $15 from this week's lows of $1785 recorded on Tuesday.

Comex silver made further advances to touch the highest levels so far during the week. CME silver March Futures was last quoted at $22.865 an oz, which is highest from Monday's lows of $22.190. Broadly the silver futures are on a recovery path from its last week's lows of $21.41 recorded on December 15.

2. MCX gold stays positive with modest gains

MCX gold February Futures was last quoted at₹48,311 per 10 grams on Thursday, up ₹112 from previous close of ₹48,190. Gold gained strength after opening flat. Gold futures was up by about ₹250 from its weekly-lows of ₹48,067 quoted on Tuesday. However, the yellow metal maintained its crucial level of ₹48,000 since December 9. The Open interest for the February contract was recorded at 8825 lots on Thursday, showed MCX data.

MCX silver futures traded firm in the early trades on Thursday and was last quoted at ₹62,430 a kg, up by ₹242 from previous close. The open interest was recorded at 10,910 lots in the early trades on MCX.

3. Spot gold inches up

Spot gold tracked the futures movement and maintained its ₹48,000 levels. The 999-purity fine gold was last quoted at ₹48,105 for evening rates as per the India Bullion and Jewellers Association (IBJA).

Spot silver made marginal advances to last quote at ₹61,520 a kg for 999 purity on Wednesday. Prices, however, are higher by less than 1% on week-on-week basis from ₹61,071 quoted last Wednesday.

4. Outlook

Analysts believe that the bullion prices are confined to a narrow range due to dull trading amidst festive seasons also was tracking a choppy dollar. The upside was contained due to investors' growing interest for the riskier asset classes as evident from the rising equities globally, whereas the downfall was primarily contained due to the uncertainties relating to the Omicron outbreak. MCX Gold movement is expected in the range of ₹47886-48376, whereas silver is likely to hover between ₹61,345-62,733.

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