Gold price today: Yellow metal losses sheen; silver hovering near Rs 69,000

Gold price today: Yellow metal losses sheen; silver hovering near Rs 69,000

NEW DELHI: Gold edged lower on Monday in the domestic market as equity markets stabilized and investors shrugged off persisting concerns around Covid-19. Investors await US inflation data due this week and Federal Reserve Chair Jerome Powell’s testimony.

The market will keep a close eye on Tuesday’s consumer price index data and Powell’s appearance before Congress on Wednesday and Thursday to get cues on policy tightening by the central bank.

An upsurge in new coronavirus variants and poor access to vaccines in developing countries threaten the global economic recovery, finance ministers of the world’s 20 largest economies warned on Saturday.

Physical gold demand in India and other major hubs weakened last week as consumers were put off by a rise in the yellow metal’s price, while premiums for bullion also retreated.

Gold futures on MCX were down 0.40 per cent, or Rs 191, at Rs 47,732 per 10 gram. Silver futures shed 0.33 per cent, or Rs 232, to Rs 69,065 per kg.

“COMEX gold trades marginally lower near $1805/oz after a 0.6% gain on Friday. Gold eased as US bond yields came off the lows amid stability in equity markets. Also weighing on price is weaker investor interest and Fed’s monetary tightening expectations,” said Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities.

In the spot market, highest purity gold was sold at Rs 47,863 while silver was priced at Rs 68,789 on Friday, according to the Indian Bullion and Jewellers Association.

“However, supporting price is rising virus concerns, US-China tensions and inflationary concerns. Gold may remain choppy amid lack of fresh cues however increasing challenges may improve safe haven appeal.”

Trading strategy
“We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1790 and resistance at $1820 per ounce. MCX Gold August support lies at Rs. 47600 and resistance at Rs. 48200 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Global markets
Spot gold rose 0.1% to $1,809.34 per ounce by 0119 GMT. U.S. gold futures eased 0.1% to $1,809.3.

Silver rose 0.6% to $26.23 per ounce, palladium inched 0.1% higher to $2,812.00 and platinum fell 0.1% to $1,102.50.

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