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Gold Futures opened with gains on Tuesday reflecting positive sentiment in global markets.
Gold Futures on Multi Commodity Exchange (MCX) opened at ₹47,555 per 10 grams on Tuesday, up by ₹100 as against the previous close of ₹47,455.
Silver Futures opened at ₹ 60,830 a kg, with gains of ₹ 163 from previous close of ₹ 60,667.
International gold inched up to cross $1800 and opened at $1801.3 on Tuesday.
Comex Gold gains for third day
CME gold Futures opened up at $ 1801.3 an oz (a troy ounce is equal to 31.1 grams) on Tuesday, sustaining the uptrend for the third straight session.
Comex Gold Futures maintained uptrend and last quoted at $ 1805.1 against previous close of $1798.8.
Gold moved along the important level of $1800. The prices have been off from the recent high of 1830.7 quoted during intra-day trades on January 5.
The most active comex Silver March contract opened at $ 22.5 an oz on Tuesday, marginally up from previous close of $22.46.
MCX Gold at ₹ 47,500
MCX Gold February Futures opened with ₹ 100 gains but failed to maintain uptrend. The yellow metal slipped from the opening gains to last quote at ₹ 47,500 per 10 grams, up 45 at 10.12 am Tuesday. The Open interest for the February contract was 7568 lots on Tuesday.
MCX Silver Futures tool lost the opening gains and slipped to touch the previous close. Silver March contract was last quoted at ₹ 60,722 a kg at 10.12 am on Tuesday, marginally up by ₹ 55 from previous close. The open interest was recorded at 16,947 lots in the early trades on MCX.
Spot gold inches up
Spot gold stayed below ₹ 48,000 but inched up to ₹ 47,627 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewelle₹ Association (IBJA) on Monday.
Spot Silver, which had slipped below ₹ 60,000 on Friday, made marginal recoveries to quote at ₹ 60,351 on Monday.
Analysts speak
Gold prices gained after US 10-year Treasury yields hit two-year high and traders hedged their positions against inflation and ongoing geopolitical risks, analysts maintained.
"Gold is holding around the $1,800 area despite the rise in yields, showing that the market is looking at other factors such as the inflationary environment and geopolitical tensions," a note from Kedia Advisory said.
MCX Gold is expected in the range of ₹ 47220-47616, while silver is expected to trade above ₹ 60060-61050.
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