Gold futures opened marginally down by ₹33 at ₹52,045 per 10 grams on Multi Commodity Exchange (MCX) Friday amidst mixed global cues.
MCX silver futures opened positive on Friday but slipped into red to trade lower at ₹69,202 a kg, down ₹118 or 0.17 per cent for the most active May contract.
Comex gold made a positive opening on Friday, but lost the momentum as an after-effect of the US Federal Reserve’s aggressive rate hike move to contain the surging inflation.
CME April Futures opened lower at $1,957.8 against the previous close of $1,962.2.
CME Gold April Futures lost $2.26 Friday to trade at $1,959.6 an oz (a troy ounce is equal to 31.1 grams) in the later trades.
Gold weakened despite persistent risks of the extended outcomes of the Russia-Ukraine conflict. However the US Fed’s monetary tightening move eclipsed gold’s safe haven demand and investors turned to higher bond yields. Comex Silver opened above $25 levels on Friday but traded lower than the previous settled $25.92 levels. The most active CME May Futures contract last quoted at $25.89 an oz.
After the weak opening, the Gold traded lower, below ₹52,000 levels.
MCX April Gold Futures last quoted at ₹51,986 per 10 grams at 10.15 am, down ₹92 or 0.18 per cent from the previous close of ₹52,078. The open interest for the April contract was at 6,593 lots.
MCX Silver Futures too tracked the overall weak sentiment in the gold.
The most active MCX Silver May contract last quoted at ₹69,202 a kg at 11.09 am, down ₹118 or 0.17 per cent, from the previous close of ₹69,320. The open interest was recorded at 7,098 lots in the early trades.
On Thursday, the spot gold ruled firm at ₹51,818 per 10 grams of 999 purity fine, as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates.
On the current trend, Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities commented that COMEX gold traded mixed after a 1.3 per cent gain yesterday.