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Gold Futures in India opened flat and slipped into red on Thursday. Gold February contract on Multi Commodity Exchange (MCX) opened in flat at ₹48,379 per 10 grams, against previous close of ₹48,377.
Gold moved in a narrow range with negative bias even as international gold surged to hit a highest levels since November 2021. MCX Silver Futures was little changed at the opening with marginal gains of ₹97 at ₹64,502 per kg as against previous close of ₹64,405. MCX Silver March had ended the previous session above an important level of ₹64,000.
Comex Gold gains past $1,840
CME Gold Futures for February contract opened at $1,840 an oz (a troy ounce is equal to 31.1 grams) on Thursday, nearly unchanged from previous close of $1,843.2. Gold futures climbed $31 on Wednesday to hit an intra-day high of $1,843.9.
Gold is seen gaining strength ahead of crucial US Federal Reserve meet on rate hike timeline. CME Silver futures crossed $24 levels and opened at $24.185 an oz on Thursday against previous close of $24.230.
Silver gained over 3 per cent intra-day on Wednesday gaining over $0.7. Both, gold and silver futures hit highest levels since November 2021 amidst strong investor sentiment.
MCX Gold trades in red
MCX Gold February Futures opened flat and slipped in red to trade in a narrow range on Thursday. The yellow metal last quoted at ₹48,360 per 10 grams, down ₹17 at 10.34 am Thursday. The open interest for the February contract was 4,706 lots.
MCX Silver Futures gained further strength after closing above ₹64,000 levels on Wednesday. MCX Silver March Futures traded with 0.2 per cent gains on Thursday. Silver was contract last quoted at ₹64,525 a kg at 10.34 am on Thursday, up by ₹120 from previous close. The open interest was recorded at 8,029 lots in the early trades on MCX.
Spot gold flat at ₹48,250
Spot gold maintained ₹48,000 levels and was last quoted at ₹48,250 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates on Wednesday.
Spot Silver gained strength to surge above ₹63,000 in retail markets. Silver prices last quoted ₹63,557 a kg on Wednesday, according top IBJA.
Analysts speak
On the gold's surge, analysts maintained that the prices rose as the dollar rallied and a global bond sell-off eased momentarily. Silver prices rose as geopolitical tensions between Russia and Ukraine offered some support to the metals, maintained the analysts. MCX Gold futures price range is expected between ₹47,730-48,740, while silver is expected to trade in the range of ₹62,484-65,510.
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