Gold Futures Trades Lower On Stronger Dollar, Yields, Silver Drops

Gold prices today: Gold futures trading lower on strong US dollar, bond yields

Today’s gold price: Domestic spot gold closed at Rs 46,838 per 10 grams on Wednesday


Gold Price in India: Gold futures traded lower on Thursday, December 30, as the yellow metal took cues from the trends in the international markets. On the Multi Commodity Exchange (MCX), gold futures due for delivery on February 4 were trading lower by Rs 170, or 0.36 per cent, at Rs 47,669 as against their previous closing price of Rs 47,839. Silver, due for delivery on March 4, was down 0.47 per cent at Rs 61,550, from the previous close of Rs 62,838.

According to Mumbai-based industry body India Bullion and Jewelers Association (IBJA), domestic spot gold on Thursday opened at Rs 48,838 per 10 grams and silver at Rs 61,096 per kg.

Gold in International Markets:

Gold prices fell for the third straight session on Thursday as the dollar edged higher, with bullion hovering around $1,800 as it headed for its worst annual performance in six years. Spot gold fell 0.2 per cent to $1,799.54 an ounce, while US gold futures fell 0.3 per cent to $1,800.80.

The dollar index rose 0.3 per cent, near a one-month low in the previous session, while the benchmark 10-year US Treasury yield held steady near a one-month peak, raising the opportunity cost of holding non-interest-paying gold. Went. ,

Gold prices are set to fall nearly five per cent in 2021, the most since 2015, as economies recover from the impact of the pandemic, which has dampened demand for safe-haven bullion.

COMEX gold is trading marginally closer to $1802/oz after yesterday’s drop of 0.3 percent. Gold continues to trade within the $1780-1820/oz range seen over the past few days amid lack of fresh signals and lower trading volume due to the year-end holidays.

Support from a weak US dollar and continued virus risks and concerns from China are countered by a sharp rise in US bond yields and weak investor interest. Ravindra Rao, CMT, EPAT, Ravindra Rao, VP-Head Commodity Research, Kotak Securities said, “Gold may remain choppy trading, reflecting the larger market.

Trading Strategy:

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Limited:

“Gold and silver prices were lower in afternoon trade but were above their session lows. A lower US dollar index helped lift the two metals above their daily lows today. However, taking profits by short-term futures traders, rising US Treasury yields and weak crude oil prices on the day are more price-negative than positive.

The movement in the US market may be very slow due to the end of the year and New Year holiday, as per the daily technical chart, both gold and silver are ready to book some gains. Traders are advised to create new sell positions near the given resistance levels and pay attention to the following important technical levels for the day:

February Gold closing price is 47839, Support 1 – 47500, Support 2 – 47300, Resistance 1 – 47950, Resistance 2 – 48100.


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