E-Paper
Gold prices today: Rising trend firm, rates jump 0.08% to ₹47,730 per 10 gram
In the international market, gold spot prices continued its growth today as well, which experts say are due to weakening US dollar
India gold prices were trading firm on Wednesday, marking a positive trend where the international spot prices were near a three-week high. On the Multi Commodity Exchange (MCX), gold futures in India witnessed a jump of 0.08 per cent to ₹47,730 per 10 gram. In the previous session, gold was up 0.27 per cent or about ₹38.2 per 10 gram.
Silver futures on MCX rose nearly 0.05 per cent or ₹34.8 per kilogram to the price level of ₹69,655 per kilogram. Moreover, the gold spot price today stood at ₹47,760, up by ₹38.2 from Tuesday’s ₹47,750. This is along with the growth of $2.31 in global spot prices to 1800.2 value today.
A similar growth trend was also noticed in MCX future price with a surge of ₹38.2 and value of ₹47,730 as of today. Furthermore, the price of 24k gold in the Indian spot market was seen at ₹47,760.
In the global market, the yellow metal’s spot prices continued its growth today as well. In the latest close, gold was clocked at $1800.2 per Troy ounce – witnessing a rise of 0.13 per cent over yesterday. Notably, this price level is 3.36 per cent higher than average gold price observed in the past 30 days (($1739.7).
As far as other significant metals are concerned, silver prices edged higher today. The metal gained 0.16 per cent to $26.2 per Troy ounce. However, the precious platinum has suffered a decline of 0.14 per cent to $1092.0 per Troy ounce.
Why are gold prices increasing?
Following today’s jump, gold futures on MCX extended gains to ₹1,500 in five days, Live Mint reported. In the previous session, the yellow metal prices had witnessed a hike of 0.9 per cent.
Margaret Yang, a strategist at DailyFx told Reuters that a “weakening US dollar” is primarily contributing towards the increasing gold prices. “Gold was sold down heavily after June FOMC meeting and now that expectations have been priced in, buyers are back to the market," Yang was quoted as saying.
Senior commodities manager at Phillip Futures, Avtar Sandu, said in a note that gold prices may be able to “hold onto recent gains” but remaining above the $1,800 resistance may not be in the traders' radar until the release of the Fed’s latest minutes meeting, Reuters reported.
