Gold & Silver

Gold futures makes steady advances to stay above ₹48,100

Rutam V Vora | | Updated on: Dec 09, 2021
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Comex gold hovers around $1782-1786 as traders await crucial US Data

Gold futures opened in the red but recovered to positive territory on Thursday with gains of ₹70 to last quote at ₹48,125 per 10 grams on Multi-Commodity Exchange (MCX) February contract.

Silver tracked gold to recover from opening weakness and last quoted at ₹ 61,668, up ₹45 from previous close on MCX March contract.

Gold had ended nearly flat on Wednesday at ₹48,055 (-0.01 per cent) as Omicron concerns started easing with increased risk appetite of the investors.

Comex Gold hover around $1782-1786

International gold stayed range-bound for second consecutive session on Thursday. The February Futures on CME opened at $1784.3 an oz (oz is equal to approx 28.3 grams), and moved in a narrow range of $1782.5 to $1786.8.

Bullion traders and investors await crucial economic data from the US to be released later this week including the inflation rate which could strengthen the case for the Fed to continue to tighten, analysts maintained.

CME Silver Futures traded in a narrow range of $22.335 to $22.470 an oz on Thursday's opening.

MCX Gold Futures at ₹48,110

Gold futures turned to positive territory after opening in red. The MCX February Futures was last quoted at ₹48,110 up ₹55 from previous close. The Open interest for the February contract was 8748 lots, showed MCX data.

MCX silver futures moved marginally up after weak opening. March contract was up ₹32 to last quote at ₹61,655. Open interest was 13,198 lots in the opening hour on MCX.

Spot Gold, silver soften

Spot gold and silver prices softened in the spot market on Wednesday. The yellow metal was last quoted at ₹48,109 per 10 grams (999 purity), as quoted by India Bullion and Jewellers Association (IBJA). This was marginally lower from the higher opening at ₹48,129.

Spot silver was last quoted at ₹61,227 a kg (999 purity), lower from ₹61,523 quoted earlier on Wednesday.

Outlook

Analysts expect precious metals to trade under pressure with sideways price movement. Gold prices are expected to move in a narrow range of ₹47730 and ₹48470, while silver rates are likely to move in the range of ₹60840-62450, analysts maintained.

Published on December 09, 2021

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