Gold Price in India: Domestic gold futures registered a highly volatile trading session on Friday, January 15, as the prices witnessed a steep decline post-mid-session gains, diving below Rs 49,000 level. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading lower by 1.12 per cent – at Rs 48,668, having swung between Rs 48,544 and Rs 49,327 during the session compared to their previous close of Rs 49,221. Silver futures for a March 5 delivery were trading lower by 3.42 per cent at Rs 64,400. (Also Read: Is Silver The New Gold?)
— IBJA (@IBJA1919) January 15, 2021
Domestic spot gold closed at Rs 49,327 per 10 grams on Friday, and silver at Rs 65,420 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
”COMEX gold trades little changed near $1851/oz after a 0.2% decline yesterday. Gold is choppy as support from rising virus cases, disappointing US economic data and hopes of higher US stimulus is countered by higher US bond yields, vaccine progress and continuing ETF outflows. Gold may remain choppy along with US dollar and equity markets as implications of higher US stimulus are assessed however general bias may be on the upside,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Meanwhile, the rupee ended its three-session winning streak and slipped three paise against the US dollar on Friday to settle at 73.07 (provisional), amid heavy selloffs in domestic equities with volatile trading sessions. Brent crude futures, the global oil benchmark, fell 1.51 per cent to $ 55.57 per barrel.