Taking cues from the international market, MCX February gold futures were trading in the green. They were hovering around Rs 62560 per 10 grams, up Rs 198 or 0.32% from Friday’s closing price. Meanwhile, the March Silver futures were trading at Rs 72,720 per kg, higher by Rs 240 or 0.33%.
Comex Gold futures were trading at $2,038.55 per troy ounce on Monday, up by $19.85 or 0.98% while Silver futures were trading at $23.040, higher by $0.338 or 1.490%.
The dollar index (DXY) was trading slightly lower at 102.23 against a basket of six top currencies, down by 0.07 points or 0.06%. It has declined 0.18% over the past five trading sessions.
Gold closed with a positive note on Friday at Rs 62,362 gaining by 0.93% while silver finished 1.58% up and closed at Rs 72,480 le vels. Safe haven demand against uncertainty and geopolitical tension is giving support to the billion,” Anuj Gupta, Head of Commodity & Currency, HDFC Securities said.
“We have noticed that the dollar index recovered from lower levels after FOM minutes left ambiguity over the timing of the interest rate cuts. Wedding season demand is also witnessing an uptick in the physical market,” he added.
For today, Gupta sees Comex gold trade between $2,050 and $2,065 while MCX trading between Rs 62,000 – Rs 62,800. As for MCX silver, the March contract is expected to trade between Rs 72,000 and Rs 74,000, this analyst said.
MCX Gold has narrowed its losses from 2.24% or Rs 1,415 to 1.33% or Rs 841 per 10 grams in 2024. Silver futures have also trimmed this year’s losses to 2.62% or Rs 1,950 from 4.13% or Rs 3,076 per kg in the last three sessions, Gupta of HDFC Securities said.
After ending 2023 with gains of 15.22% or by Rs 8,372 per 10 grams, MCX gold futures have started this year on a weak note and have carried the sluggishness into the second week as well, Gupta said.
Price of gold in major physical bullion markets like Delhi, Ahmedabad, and other cities is Rs 63,500 per 10 grams while those of 1 kg of Silver is Rs 74,500.
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