Treasury yields in the United States have stayed marginally higher after a successful three-year note auction and ahead of important data releases this week, including consumer price inflation on Tuesday. Higher bond yields increase the opportunity cost of holding bullion, which pays no return.
Gold futures on MCX were up 0.11 per cent or Rs 50 at Rs 46,469 per 10 grams. Silver futures added 0.21 per cent or Rs 137 to Rs 66,265 per kg.
“Weighing on gold is a pause in the US dollar’s recent slide, general optimism about the US and global economy and continuing investor outflows. However, supporting price is rising virus cases, loose monetary policy stance of major central banks and mixed economic data from major economies,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
In the spot market, gold prices fell Rs 57 to Rs 46,070 per 10 gram in the national capital on Monday following weak global cues. Silver also declined Rs 270 to Rs 66,043 per kg
|Date||Gold Spot Price
Rs/10 grms (AHMEDABAD)
|Gold Future Price
Rs/10 grms Expiry: 04-Jun-2021
“We expect gold prices to trade sideways to up for the day with COMEX gold support at $1,720 and resistance at $1,755 per ounce. MCX Gold June futures support lies at Rs 46,200 and resistance at Rs 46,900 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Spot gold fell 0.3 per cent to $1,728.15 per ounce at 0122 GMT. US gold futures were down 0.2 per cent at $1,729.10 per ounce.
Silver fell 0.6 per cent to $24.69 and palladium inched down 0.1 per cent to $2,672.30. Platinum slipped 0.6 per cent to $1,163.57.
This content was originally published here.
Gold prices declined by Rs 199 to Rs 46,389 per 10 gram in the national capital on Monday amid a correction in global…
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