Gold Price In India: Domestic gold futures ended a volatile trading session marginally higher on Thursday, April 8 as the yellow metal gained after a weak opening session. Multi Commodity Exchange (MCX) gold futures, due for a June 4 delivery, were last seen trading higher by 1.07 per cent – at Rs 46,860, having swung between Rs 46,240 and Rs 46,900 during the session compared to their previous close of Rs 46,362. Silver futures for a May 5 delivery were up 1.26 per cent at Rs 67,476. (Also Read: Is Silver The New Gold?)
The rupee edged lower by 11 paise against the US dollar to settle at 74.58 amid fears of rising cases of COVID-19 in the country. The dollar index – which tracks the greenback’s strength against a basket of six peers, fell 0.06 per cent to 92.39.
— IBJA (@IBJA1919) April 8, 2021
Domestic spot gold closed at Rs 46,411 per 10 grams on Thursday, and silver at Rs 67,219 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What Analysts Say
Ravindra Rao, VP-Head commodity research, Kotak Securities:
“COMEX gold trades marginally lower near $1738/oz after a 0.1% decline yesterday. Gold weakened as US dollar and bond yields steadied amid lack of any fresh cues from FOMC minutes. Also weighing on gold is upbeat global growth outlook and continuing ETF outflows.
However, supporting price is rising virus cases, loose monetary policy stance of major central banks and improvement in consumer demand. Gold may witness choppy trade however general bias may be on the upside on dovish central bank stance”.
Kshtij Purohit, Lead – International & Commodity, CapitalVia Global Research:
”On the domestic front, MCX Gold June opened on a negative note but has rallied more than 250 points since morning. Bullish momentum has been witnessed since the market tested the major support of 44200-44100 levels and we could expect prices to trade near 47000 in the upcoming sessions.”
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