Gold gains momentum after two-day decline, silver goes up
Gold futures in India were trading higher on Tuesday after a steady dip in recent trading sessions. On the Multi-Commodity Exchange (MCX), gold prices were up 0.1% to ₹46,464 per 10 grams at 9:30am on Tuesday, which marks a slight rise after a two-day decline. Silver peaked 0.2% to ₹66,300 per kg. In the previous trading session, gold had fallen 0.41% while silver had declined 1.3%. Although gold prices had seen a sharp rise last week, the gold prices have struggled over the past few days amid a sharp rise in Covid-19 cases and the US Treasury yields capping the gains.
On a 30-day rolling basis, the gold price has corrected around 10 per cent over the past six months, while on an absolute basis it has fallen twice that rate, according to PTI.
On Monday, gold prices had fallen ₹57 to ₹46,070 per 10 gram in the national capital following weak global cues, according to HDFC Securities, while on the previous trade, the yellow metal had closed at ₹46,127 per 10 gram.
In the international market, gold prices were flat on Tuesday, Reuters reported, as market participants kept to the sidelines ahead of US inflation data that is expected to shed more light on recovery in the world's largest economy. Spot gold was unchanged at $1,731.69 per ounce by 0354 GMT, with elevated U.S. Treasury yields negating support from expectations of higher inflation. U.S. gold futures were also steady at $1,732.80 per ounce.
(With inputs from agencies)