Gold Price in India: Domestic gold futures witnessed a volatile trading session on Wednesday, as the prices declined amid rupee appreciation capped upside in the price of the precious metal. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading higher by 0.62 per cent – at Rs 49,350, having swung between Rs 49,130 and Rs 49,447 during the session compared to their previous close of Rs 49,045. Silver futures for a March 5 delivery were lower by 0.17 per cent at Rs 65,792. (Also Read: Is Silver The New Gold?)
In the national capital, gold prices fell Rs 108 to Rs 48,877 per 10 gram, according to HDFC Securities. Silver prices rose Rs 144 to Rs 65,351 per kilogram from Rs 65,207 per kilogram in the previous trade.
— IBJA (@IBJA1919) January 13, 2021
Domestic spot gold closed at Rs 49,479 per 10 grams on Wednesday, and silver at Rs 65,445 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). In the international market, gold was trading with gains at $1,857 per ounce, while silver was quoting flat at $25.48 per ounce.
“COMEX gold trades about 0.9 per cent higher near $1961/oz after a 0.4 per cent decline yesterday. Gold trades higher supported by retreat in the US dollar index after recent gains. Also supporting the price is hopes of higher US stimulus, rising virus cases and impeachment proceedings against US President Trump. However, weighing on price is the lack of ETF buying and progress on vaccination. Gold may remain choppy amid lack of fresh triggers however general bias may be on the upside owing to increased stimulus expectations,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Meanwhile, the rupee gained for the second straight day and climbed 10 paise against the US dollar on January 13, to settle at 73.15 (provisional) supported by sustained foreign fund inflows. Brent crude futures, the global oil benchmark, rose 0.18 per cent to $ 56.68 per barrel.