Gold Futures opened with marginal gains of ₹28 on Multi Commodity Exchange (MCX) on Wednesday.
The Gold February contract opened at ₹47,977 per 10 grams against the previous close of ₹47,949.
Silver Futures slipped further on Wednesday. March contract on MCX opened in red at ₹62,120 a kg, down by Rs 106 from the previous close of ₹62,226.
International gold, however, moved up marginally at the opening on Wednesday. Comex gold inched up to quote at $ 1815.2 at the opening, as against previous close of $1814.6.
CME gold Futures opened marginally up at $1815.2 an oz (a troy ounce is equal to 31.1 grams) in the early trades on Wednesday. Gold has recovered from the intra-day lows of $1798.2 reported on Monday.
Gold maintained steady movement amidst growing concerns on the spread of Omicron-led Covid-19 infections and their possible economic impacts.
The most active comex Silver March contract opened above $23 levels on Wednesday. CME Silver March Futures were last quoted at $23.005 an oz at the opening trades on Wednesday.
MCX Gold range-bound
MCX Gold February Futures opened positive with marginal gains but slipped into the red within an hour of trades on Wednesday. The yellow metal was last quoted at ₹47,936 per 10 grams, down ₹13 at 10.06 am Wednesday. The Open interest for the February contract was 7,890 lots on Wednesday.
MCX Silver Futures too slipped further after opening in the red. Silver March contract was last quoted at ₹62,113 a kg, down ₹113 at 10.06 am on Wednesday. The open interest was recorded at 11,308 lots in the early trades on MCX.
Spot Gold loses Rs 48000 levels
Spot gold slipped below ₹48,000 levels amidst a lack of investor interest for the safe-haven asset. Gold in the spot market was last quoted at ₹47,967 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) on Tuesday.
Spot Silver is quoted at ₹61,496 a kg, further down from the levels of ₹62,000.
Analysts speak
Investors believe that gold would maintain its firm trend as investors increasingly flock to the safe-haven metal amidst surging Covid-19 cases, threatening global economic recovery. However, a positive indications from various economic indicators from the US such as consumer confidence, employment numbers and bonds yields would keep gold prices under pressure.
Analysts expect MCX Gold to hover between ₹47,638-48,152, while silver prices are likely to move between ₹61,175-62,885 on Wednesday.