So far this month, gold has dropped by Rs 2,100 per 10 gramme
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12th August 2021, Mumbai:
In the Indian market today, gold and silver continued to struggle. So far in August, spot gold prices have plummeted about Rs 2,100. Similarly, silver prices have dropped around Rs 5,200 in the current month. NEW DELHI: Gold prices were barely changed on Thursday after a sharp drop.
After an overnight advance, the yellow metal remained stable, trading slightly lower. On the MCX, gold futures were down 0.14 percent, or Rs 67, to Rs 46,321 a gramme. Silver futures fell 0.34 percent to Rs 62,555 per kilogramme, a loss of Rs 216. Consumer price hikes in the United States eased in July, easing fears of an early reduction of economic stimulus.
The dollar index remained unchanged after falling from a four-month high. On Thursday, gold prices remained stable. According to Tapan Patel, Senior Analyst (Commodities), HDFC Securities, the yellow metal has recovered from its recent "flash crash" due to a weaker dollar and lower US government yields. "Following the release of US CPI data, the dollar index fell for the first time in five days. After a one-week rise that boosted gold buying, US 10-year treasury yields have fallen "Added he. India's demand for physical gold has remained muted. The precious metal's tiny premium has recently been fully eradicated.
According to the Indian Bullion and Jewellers Association, highest purity gold was sold for Rs 46,328 per 10 gramme on Wednesday, while silver was priced at Rs 62,850 per kg. In the Indian market today, gold and silver continued to struggle. So far in August, spot gold prices have plummeted about Rs 2,100. Similarly, silver prices have dropped around Rs 5,200 in the current month. China's tougher social restrictions to combat the newest COVID-19 outbreak, which has spread to more than a dozen locations and is now in its fourth week, are wreaking havoc on the services sector, particularly travel and hotels.
Investing strategy - "With COMEX spot gold support at $1,735 and resistance at $1,770 per ounce, we expect gold prices to trend flat to up for the day. The MCX Gold October support and resistance levels are Rs 46,000 and Rs 46,700 per 10 gramme, respectively "HDFC Securities' Patel added.
Markets throughout the world - By 0104 GMT, spot gold remained unchanged at $1,750.34 per ounce, after posting its highest one-day percentage rise since May 6 on Wednesday. Gold futures in the United States were unchanged at $1,753.40. The price of silver dropped 0.2 percent to $23.47 per ounce. Palladium increased 0.1 percent to $2,638.14 and platinum was unchanged at $1,017.91.
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