HomeBusinessGold, Silver Trade On Mixed Note Amid Weak Investor Interest

Gold, Silver Trade On Mixed Note Amid Weak Investor Interest

Gold, Silver Trade On Mixed Note Amid Weak Investor Interest

India imported 121 tonnes of gold in August, in comparison with 63 tonnes a 12 months earlier.

Gold, Silver Price Today: Gold and silver costs had been buying and selling on a combined word on the again of weaker investor curiosity amid pause in US greenback after final week’s decline. Gold futures for supply in october fell as a lot as 0.22 per cent to hit an intraday low of Rs 47,420 per 10 grams. In the spot market, 24 carat gold was priced at Rs 47,250 per 10 grams, based on India Bullion & Jewellers Association. 22 carat gold was being retailed at Rs 46,110, 18 carat gold was being bought at Rs 38,270 and 14 carat gold was priced at Rs 31,420 per 10 grams.

“COMEX gold trades marginally lower near $1829/oz after a 1.2% gain in previous session. Gold eased as the US dollar paused after last week’s decline. Also weighing on price is weaker investor interest as is evident from ETF outflows. However, supporting price is disappointing US jobs report, persisting virus risks, China’s regulatory crackdown and geopolitical tensions relating to Afghanistan. Gold may witness choppy trade amid mixed factors however general weakness in the US dollar may continue to support,” mentioned Ravindra Rao, head of commodity analysis at Kotak Securities.

Meanwhile, the nation’s gold imports in August almost doubled from a 12 months in the past to their highest degree in 5 months on an enchancment in demand and as a correction in costs prompted jewellers to ramp up purchases for the festive season, a authorities supply mentioned.

India imported 121 tonnes of gold in August, in comparison with 63 tonnes a 12 months earlier, the supply mentioned on Monday on situation of anonymity as he isn’t authorised to talk to media.

In worldwide markets, the prospect of a later begin to Fed tapering was optimistic for non-yielding gold, which stood at $1,827 an oz., having reached its highest since mid-June at $1,833.80.

Back residence, silver was buying and selling marginally increased in commerce as silver futures for supply in December rose 0.4 per cent to hit an intraday excessive of Rs 65,470. In spot market, silver was priced at Rs 63,475 per kilogram.

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