Gold prices modestly lower on sharp appreciation in rupee

By Administrator_ India

Capital Sands

Gold prices fell marginally by Rs 128 to Rs 47,459 per 10 gram at the Mumbai retail market on a sharp recovery in rupee and increased appetite for risky assets. The precious metal marginally rose in the global market on the decline in US dollar and Treasury yields.

The rate of 10 gram 22-carat gold in Mumbai was Rs 43,472 plus 3 percent GST, while 24-carat 10 gram was Rs 47,459 plus GST. The 18-carat gold quoted at Rs 35,594 plus GST in the retail market.

The bullion metal eked out small gains for a second straight week in a choppy trading week and sharp depreciation in the rupee. It also got support from rising cases of Delta variant of coronavirus in the UK and other parts of the world leading to partial lockdowns.

The US CFTC data showed that money managers decreased their net long positions by 3647 lots in last week.

The Commerce Department reported that factory orders surged 1.7 percent in May after declining 0.1 percent in April. Expectations had forecast factory orders rebounding 1.6 percent.

The US dollar traded lower at Rs 92.25, down 0.17 percent against a basket of six rival currencies. The weaker greenback makes bullion metal attractive for other currency holders.

Gold holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund fell by 0.57 tonnes to 1,042.58 tonnes. The ETF has a market value of $59.84 billion.

Spot gold modestly jumped by $4.37 to $1,791.72 an ounce at 1240 GMT in London trading.

MCX Bulldesk marginally gained 4 points or 0.03 percent, at 14,669 at 18:12. The index tracks the real-time performance of MCX Gold and MCX Silver futures.

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