Gold Price in India: Gold prices fell for the fourth day in a row on Friday, February 26, being under pressure since the beginning of the year. Gold has suffered due to hopes of faster global economic recovery and rising US bond yields. Multi Commodity Exchange (MCX) gold futures, due for delivery tomorrow, i.e., April 5, was last seen trading 0.02 per cent lower at ₹ 46,234, having swung between ₹ 45,920 and ₹ 46,340 during the session compared to their previous close of ₹ 46,241. Silver futures were last trading lower by 1.12 per cent at Rs 68,448. (Also Read: Is Silver The New Gold?)
— IBJA (@IBJA1919) February 26, 2021
Domestic spot gold opened at ₹ 46,151 per 10 grams on Friday, and silver at ₹ 68,395 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
“COMEX gold trades about 0.3 per cent lower near $1770/oz after a 1.3 per cent decline yesterday. Weighing on gold price is the surge in US bond yields, improving virus situation and continuing ETF outflows. The US 10-year bond yield hit Jan.2020 high yesterday but has eased a bit today,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
”However, supporting price is the loose monetary policy stance of major central banks, geopolitical tensions and hopes of additional US stimulus. Gold may remain pressurized by higher bond yields but US stimulus expectations may limit any major downside,” he added.