Gold Price in India: Amid the continuing slump in gold prices, domestic gold futures witnessed a volatile trading session again on Thursday, February 25. In the national capital, gold prices declined by Rs 358 to Rs 45,959 per 10 grams amid selling in the international markets, according to HDFC Securities. Silver rose by Rs 151 to Rs 69,159 per kg as compared to the previous close of Rs 69,008 per kg. Multi Commodity Exchange (MCX) gold futures, due for delivery tomorrow, i.e., April 5, was last seen trading 0.46 per cent lower at ₹ 46,310, having swung between ₹ 46,230 and ₹ 46,655 during the session compared to their previous close of ₹ 46,522. Silver futures were last trading higher by 0.46 per cent at Rs 69,862. (Also Read: Is Silver The New Gold?)
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“Spot prices for 24 karat gold at Delhi fell by Rs 358 in line with selling in global gold,” said Tapan Patel, HDFC Securities Senior Analyst (Commodities). In the international markets, gold was down at $ 1,792 an ounce, while Silver was trading marginally lower at $ 27.56 an ounce.
Domestic spot gold closed at ₹ 46,637 per 10 grams on Thursday, and silver at ₹ 70,179 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
“COMEX gold trades little changed near $1797/oz after a 0.4 per cent decline yesterday. Gold is choppy as support from Fed’s loose monetary policy stance and hopes of additional US stimulus measures is countered by higher bond yields, improving virus situation and continuing ETF outflows. Gold may remain directionless amid mixed cues however Fed’s loose monetary policy stance may continue to support,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Meanwhile, the rupee edged lower by eight paise to 72.43 against the US dollar today. Brent crude futures, the global oil benchmark, advanced 0.42 per cent to $ 67.32 per barrel.