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Gold Futures opened with marginal gains of ₹70 at ₹47,848 per 10 grams on the Multi Commodity Exchange (MCX) on Monday.
This was higher from previous close of ₹47,778.
Silver Futures opened with gains of ₹96 and gained further strength in early trade on Monday. The most active MCX Silver March contract opened at ₹61,850 a kg, against previous close of ₹61,603.
International gold made traded in a narrow range of $1,811-1,829.
Comex Gold began the week above $1800. CME Gold Futures for February contract opened at $1,818.7 an oz (a troy ounce is equal to 31.1 grams) on Monday, a marginal dip from the previous close of $1,816.5.
Silver futures began the week below $23. The most active comex Silver March contract on Monday opened at $22.995 an oz, against the previous close of $22.920.
MCX Gold
MCX Gold February Futures opened with gains and made further advances during the opening trade on Monday. The yellow metal last quoted at ₹47,875 per 10 grams, up ₹97 at 10.33 am Monday. The open interest for the February contract was 6,035 lots.
After opening nearly flat, MCX Silver Futures moved up to gain 0.4 per cent on Monday. The Silver March contract was last quoted at ₹61,850 a kg at 10.33 am on Monday, up by ₹247 from previous close. The open interest was recorded at 12,785 lots in the early trades on MCX.
In retail markets, spot gold maintained ₹48,000 levels and last quoted at ₹48,135 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates on Friday.
Gold sustained ₹48,000 levels after trading below the crucial levels for most of the previous week.
Spot Silver too maintained above ₹61,000 levels and last quoted at ₹61,859 a kg on Monday.
Analysts’ take
Analysts expect gold movement to remain range-bound after the US Federal Reserve policymakers signalled they will start raising US interest rates in March to fight inflation.
Also, physical gold buying remained subdued in India as prices climbed and rising coronavirus cases prompted consumers to postpone purchases amidst uncertainty.
MCX Gold futures price range is expected between ₹47,605-48,079, while silver is expected to trade in the range of ₹60,946-62,714.
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