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Gold futures opened with marginal gains on Tuesday amidst sustained strength in the international markets.
Gold February futures on Multi Commodity Exchange (MCX) opened at ₹48,140 up ₹74 per 10 grams against the previous close of ₹48,066.
MCX Silver March futures gained by ₹164 at the opening on Tuesday at ₹62,465 a kg against the previous close of ₹62,301.
Comex gold futures ruled firm above $1800. Global investors remained worried about the persistent increase in the Covid-19 cases worldwide and its possible impact on the economic recovery in the new year 2022.
Comex gold gains $61 since Dec 15
Comex gold advanced for the fourth straight session on Tuesday and touched an intra-day high of $1814.5 an oz (a troy ounce is equal to 31.1 grams).
Gold gained strength from the persistent threat of the spread of Omicron variant and countries reporting record new Covid-19 cases. The new wave of infections is feared to slow the global economic recovery in 2022.
CME gold February futures was last quoted at $1809.4 an oz. The yellow metal has gained since dropping to $1753 on December 15.
Comex silver tracked gold to sustain above $23 an oz. The most traded contract, CME silver March futures were last quoted at $23.005 an oz. On Monday, the prices touched $23.15 highest since December 1. Silver futures have recovered by 1.74 an oz since the lows of $21.41 recorded on December 15.
MCX gold stays positive with modest gains
After opening positive, MCX gold February futures traded in positive territory on Tuesday. The bullion futures were last quoted at ₹48,163, up ₹97 at 11.48 am Tuesday.
The yellow metal has lost from ₹ 48,646 quoted on December 16. However, the yellow metal maintained its crucial level of ₹48,000 since December 9. The Open interest for the February contract was recorded at 8678 lots on Tuesday.
MCX Silver Futures traded firm in the early trades on Tuesday. After firm opening, silver was last quoted at ₹62,507 a kg at 11.48, up ₹206 from previous close. The open interest was recorded at 10,582 lots in the early trades on MCX.
Spot gold slips to ₹48,171
Spot gold slipped for the third straight session on Monday. Prices, however, maintained the ₹48,000 level but kept the slide since December 17. The 999-purity fine gold was last quoted at ₹48,171 for evening rates on Monday as per the India Bullion and Jewellers Association (IBJA).
Spot Silver too, slipped to the last quote at ₹61,416 a kg for 999 purity on Monday.
Outlook
Analysts believe Gold to trade in a narrow range with an upside trajectory as worries gripped the investors following reports of surging new Covid-19 cases the world over and its possible impact on the economic recovery. Also, global equities have steadied while oil prices have softened on virus casting a shadow on 2022. MCX Gold movement projected in the range of ₹47,923-48,319, whereas silver is likely to hover between ₹61,272-63,160.
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