Domestic Gold Futures Recover Early Losses To Reclaim Rs 51,000 Mark

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Domestic Gold Futures Recover Early Losses To Reclaim Rs 51,000 Mark

Gold Rate Today: MCX gold futures declined to Rs 51,035 on Monday

Gold Price In India: Domestic gold futures edged recovered early losses to edge higher in a volatile session on Monday, as global benchmark rates recovered after sliding below the $1,900 per ounce mark amid strength in the US dollar. Multi Commodity Exchange (MCX) gold futures – due for a December 4 expiry – settled at Rs 51,035 for the day, up by Rs 196 or 0.39 percent compared to their previous close. During the session, the MCX gold contract had declined to as low as Rs 50,552. Silver, however, came down by Rs 198 – or 0.32 percent – to end at Rs 62,251.

Globally, Comex spot gold was last seen trading flat at $1,905.40 per ounce, and silver was down 0.75 24.49 percent at $24.49 per ounce.

The dollar index – which measures the US currency against six peers – was last up 0.32 percent, making the yellow metal more expensive for those dealing in other currencies. The rupee depreciated by 25 paise to close at 73.85 against the greenback.

Domestic spot gold closed at Rs 51,238 per 10 grams, and silver at Rs 61,706 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

What Analysts Say

“Weighing on gold is marginal gains in the US dollar after last week’s losses. Exchange-traded fund outflows also show weaker investor buying. However, supporting the price is global growth worries amid rising coronavirus cases and uneven recovery,” said Ravindra Rao, VP-head commodity research, Kotak Securities.

“Gold may remain directionless until there is more clarity on US stimulus, however, the general bias is still positive owing to pressure on the US dollar.”

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