Comments
Gold Futures opened with gains on Monday tracking global up move in the bullion.
Most active Gold April contract on Multi Commodity Exchange (MCX) opened at ₹48,006 per 10 grams, against previous close of ₹47,924.
MCX Silver March Futures opened with gains of over 1 per cent at ₹61,543 a kg up ₹694 against previous close of ₹60,849.
Also read
Comex gold futures opened with gains on Monday at $1,808 on Monday, little changed from previous close of $1,807.8 an oz.
Comex Gold regains $1800
After hitting an intra-day low of $1788.5 an oz (a troy ounce is equal to 31.1 grams) on February 3, CME Gold Futures April contract regained $1800 levels to trade at $ 1811 an oz on Monday. Intra-day, gold prices hit a high of $ 1816.6, highest since January 27.
CME Silver futures opened positive at $ 22.535 an oz on Monday, tracking positive movement in the yellow metal. Silver Futures hit an intra-day high of $ 22.880 against previous close of $ 22.475.
MCX Gold stays above ₹48,000
MCX Gold April Futures opened positive with 0.2 per cent gains on Monday. However, the yellow metal remained below the recent high of ₹48,968 per 10 grams, recorded on January 25. On Monday gold futures last quoted at ₹48,026 per 10 grams, up ₹102 at 10.20 am Monday. The Open interest for April contract was 11,404 lots.
MCX Silver Futures made positive opening and maintained strength on Monday. Silver March Futures gained 1.14 per cent and quoted at ₹61,540 a kg at 10.20 am on Monday. The open interest was recorded at 14,547 lots in the early trades on MCX.
Spot gold gains strength
Spot gold gained further strength on Friday to end at Rs 48,273 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates.
Silver too gained in the spot markets to quote at ₹60,927 a kg, according to IBJA.
Analysts speak
Physical demand for gold in important markets such as India improved, lifting the sentiment for the yellow metal. Meanwhile, international factors such as US Treasury yields, jobs data and broader economic sentiment continues to keep gold prices in a tight range.
MCX Gold futures price is expected to hover between ₹47,493-48,343, while silver is expected to trade in the range of ₹59,705-61,881.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.