Gold price today: the yellow metal exceeds 47,000 rupees; money goes higher
Data on non-farm wages in the United States, due later today, is expected to show an increase. Data on the number of Americans filing new jobless claims fell more than expected last week.
The dollar has held close to three-month highs, making gold expensive for holders of other currencies. Some investors are betting that US government bond yields will continue to weaken in the second half of the year.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said Thursday its holdings fell 0.3% to 1,043.16 tonnes.
Despite the recent price correction, retail demand for gold among the world’s second largest consumer of physical gold has been weak. India has reduced the basic import price of gold and silver, as well as other commodities.
MCX gold futures rose 0.31%, or Rs 146, to Rs 47,185 for 10 grams. Silver futures gained 0.24%, or Rs 165, to Rs 69,285 per kg.
“COMEX gold is trading slightly higher near $ 1,778 / oz after a 0.3% gain yesterday. Gold has recovered from recent lows amid lower buying, further concerns virus-related and mixed economic data from major economies, “said Ravindra Rao, CMT, EPAT, vice president. Commodity research at Kotak Securities.
On the spot market, the highest purity gold was sold at Rs 47,263, while silver was priced at Rs 69,160 on Thursday, according to the Indian Bullion and Jewelers Association.
However, what is weighing on the price is the strength of the US dollar amid the Fed’s tightening expectations, the strength of the stock markets and the lack of investor buying. Gold rose slightly in the middle of some buying interest at the start of the new quarter and new concerns about the virus.
“We expect gold prices to trade sideways higher for the day with COMEX spot gold support at $ 1,760 and resistance at $ 1,800 an ounce. MCX Gold August support is at Rs 46,700 and resistance at Rs 47,400 per 10 grams, “said Tapan Patel, senior analyst (commodities), HDFC Securities.
Spot gold was flat at $ 1,777.17 an ounce at 12:51 a.m. GMT. It has fallen 0.2% so far this week. US gold futures rose 0.1% to $ 1,778.70.
Silver was little changed at $ 26.00 an ounce, while platinum was flat at $ 1,082.58. Both were down for the week. Palladium fell 0.1% to $ 2,761.69, but was forecast for a second consecutive weekly gain.