Silver was outperforming gold as Silver Futures rose as much as 0.85% on MCX.
Gold, Silver Price Today: Gold and silver prices edged higher in domestic markets on Tuesday mirroring gains in international markets. Gold futures for delivery in October rose as much as 0.33 per cent to Rs 47,320 per 10 grams on the Multi Commodity Exchange (MCX). In the spot market, 24 carat gold was being retailed at Rs 47,547, gold with 22 carat purity was priced at Rs 43,553, 18 carat gold was priced at Rs 35,660 per 10 grams and 14 carat gold was priced at Rs 27,815 per 10 grams, according to India Bullion & Jewellers Association (IBJA).
In international markets, gold prices gained on Tuesday, propped up by a sluggish dollar, with investors looking ahead to US non-farm payrolls data which could be the key to the U.S. Federal Reserve’s stimulus-tapering decision.
Spot gold rose 0.3 per cent to $1,815.16 per ounce by 9:25 am. US gold futures were up 0.3 per cent at $1,817.40.
The dollar index slipped to a new two-week trough, extending declines after Fed chief Jerome Powell’s dovish remarks at the Jackson Hole symposium last week, where he gave no clear signal on the central bank’s tapering timeline.
“COMEX gold trades marginally higher near $1815/oz after a 0.4 per cent decline yesterday. Gold has come off the highs but remains supported by disappointing economic data, rising virus concerns, China’s regulatory crackdown measures and geopolitical tensions relating to Afghanistan. However, weighing on price is relative stability in equity markets and continuing ETF outflows. Gold may waver as market players may remain non-committal ahead of US jobs report however increasing challenges to the global economy may keep price supported,” said Ravindra Rao, head of commodities research at Kotak Securities.
Meanwhile in domestic markets, silver was outperforming gold as the price of Silver Futures for delivery in September rose as much as 0.85 per cent to Rs 63,558 on the Multi Commodity Exchange.