Gold prices up to Rs. 96 to Rs. 48,222/10 gm on safe-haven; Silver corrects Rs. 810 a kg
By Administrator_ India
Gold prices jumped by Rs 96 to Rs 48,222 per 10 gram in the Mumbai retail market on positive global cues and renewed risk aversion in global financial markets, however, the upside was capped by a sharp gain in the rupee. The surging cases of Delta variant of coronavirus and rising inflationary pressure gave safe-haven yellow metal a boost.
The price of 10 gram, 22-carat gold in Mumbai was Rs 44,171 plus 3 percent GST, while 24-carat 10 gram stood at Rs 48,222 plus GST. The 18-carat gold is quoted at Rs 36,167 plus GST in the retail market.
US Senate Democratic leader, set a procedural vote on a bipartisan $1.2 tln infrastructure bill for tomorrow, increasing pressure on negotiators as they struggled with ways to pay for the cost of the measure.
Investors will keep their eyes on the ECB policy meet and preliminary Manufacturing and Service PMI data expected from major economies, scheduled later this week.
The US dollar trades near 93 marks at 92.98, up 0.09 percent against a basket of six rival currencies. The jump in the dollar index makes gold expensive for holders of other currencies.
Gold holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund were unchanged at 1,028.55 tonnes. The ETF has a market value of $60.00 billion.
Spot gold advanced by $4.33 to $1,817.07 an ounce at 1208 GMT in London trading.
MCX Bulldesk slightly up by 8 points or 0.05 percent, at 14,670 at 17:40. The index tracks the real-time performance of MCX Gold and MCX Silver futures.
The gold/silver ratio currently stands at 71.99 to 1, which means 71.99 ounces of silver is required to buy an ounce of gold.
Silver prices tanked by Rs 810 to Rs 66,980 per kg against its closing price on July 19.
In the futures market, the gold rate touched an intraday high of Rs 48,295 and an intraday low of Rs 47,965 on the Multi-Commodity Exchange. For the August series, the yellow metal touched a low of Rs 44,501 and a high of Rs 49,721.
Gold futures for August delivery gained Rs 26, or 0.05 percent, to Rs 48,120 per 10 gram in evening trade on a business turnover of 6,317 lots. The same for October rose Rs 10, or 0.02 percent, to Rs 48,370 on a business turnover of 8,419 lots.
The value of August and October’s contracts traded so far is Rs 1,684.68 crore and Rs 321.09 crore, respectively.
Similarly, the Gold Mini contract for August jumped Rs 31, or 0.06 percent at Rs 48,100 on a business turnover of 12,951 lots.