Prices of gold and silver curtailed, tracking muted global cues
The prices of gold and silver curtailed on Tuesday tracking muted global cues. On the MCX (Multi Commodity Exchange), Gold August futures were levelled at Rs 49,150 at 10:35 am, at the same time, Silver July futures decreased by 0.29% at Rs 71,607 per kg in contrast to the earlier closing value of Rs. 71,817 on Monday.
In the global market, prices of gold and silver curtailed, overloaded by a boost in the dollar value, while investors vigilantly anticipated U.S. economic data due this week to measure inflationary duress and the Federal Reserve’s guide on financial policy.
In the spot market, gold value increased at 0.08% at $1,900.15 per ounce, and silver value decreased by 0.33% at $27.927 per ounce.
Traders are anticipating ratification from the U.S. data this week on continuous strengthening in the price levels, this data has been expected to have a varied impact on gold. On the beneficial side, gold is viewed as an inflation hedge, so the higher the number, the more alluring gold will be.
The weaker-than-expected U.S. jobs report in the previous week has put an end to the expectations of a prompt tapering in the Fed’s stimulus. In the domestic market, the Multi Commodity Exchange (MCX) gold faces hindrance at Rs 49750 levels though it has aid around Rs 48,200 level, say, analysts.
In the last week, gold prices reached the highest they have in the last 5 months at Rs. 49,700, yet the price of gold is still less by Rs. 7000 from the previous year’s record of Rs. 56, 200.