Prices for gold fell on the fourth straight day by Rs 42 to Rs 47,017 per 10 grams in the Mumbai grocery market in silenced global trends. Investors were cautious ahead of US August Inflation data to be released later in the day that could give clues to the Federal Reserve’s decision to lower its pressure.
Price 10 gram, 22-carat gold in Mumbai was Rs 43,068 and 3% of GST, while 24-carat 10 gram stood at Rs 47,017 and GST. 18 carat gold is quoted at Rs 35,263 and GST in the retail market.
The yellow metal traded in a small area where investors walked side by side ahead of US inflation data. Forecasts show a slight decrease in price pressure over the past month; however, it remains relatively high.
Gold holdings at the SPDR Gold Trust, the world’s largest gold-exchange fund, have risen by 2 tonnes to 1 000 tonnes. The ETF has a market value of $ 57.67 billion.
The dollar index, which measures the strength of the greenback against the six-currency basket, was trading 0.04 percent down 92.61.
Spot gold on average jumped $ 1.96 to $ 1,789.56 ounce at 1328 GMT in London for trade.
IMCX Bulldesk dropped by 61 points or 0.43 percent to 14,029 at 17:33. The indicator tracks the real-time performance of the future of MCX Gold and MCX Silver.
also read : Deepika Padukone buys a bungalow in Alibaug for Rs 22 million
“COMEX gold traders are down below $ 1788 / oz. Gold is tied in the range after a recent loss as the U.S. dollar stalled after a two-week high test. Debt settlement adjustments and other ETF entries also lend support. And financing for the gold price increases rising inflation concerns, ongoing biological risks, Chinese regulatory measures and an increase in political pressures. Gold may remain fragmented before inflation data; however, reading in line with or below expectations could reduce the Fed’s concern for funding and support gold prices, ”said Ravindra Rao, CMT, EPAT, VP-Head Commodity Research at Kotak Securities.
The gold and silver ratio currently stands at 74.86 to 1, which means that 74.86 ounces of silver are required to buy a gold ounce.
Silver prices are slipping modestly at Rs 70 to Rs 62,806 per kg compared to their closing price on September 13.
In the futures market, the gold rate affected the high intraay of Rs 46,925 and the low intraday of Rs 46,715 on the Multi-Commodity Exchange (MCX). In the October series, the yellow metal hit a low value of Rs 45,662 and a high of Rs 50,040.
The gold futures for October delivery fell by Rs 143, or 0.30 percent, to Rs 46,765 per 10 grams in the evening trading with a business profit of 9,033 lots. The same in December was reduced by Rs 174, or 0.37 percent, to Rs 46,919 in business profits of 6,399 lots.
also read : Wall Street inflation as consumer inflation estimates
The total number of October and December contracts sold to date is Rs 1,681.25 crore and Rs 375.50 crore, respectively.
Similarly, the October Gold Gold contract reduced Rs 146, or 0.31 percent to Rs 46,800 in business profits of 16,964 shares.
