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Gold price today rises but still down ₹10,000 from record highs, silver higher

By Priyanka Verma 
Updated Date

Gold and silver prices edged higher in Indian markets, tracking positive global cues. On MCX, gold futures rose 0.33% to ₹46,147 per 10 gram while silver rose 1% to ₹60,583 per kg. In the previous session, gold had edged 0.13% lower to near 6-month lows while silver had slumped 1.4%. Gold has been volatile this year after hitting record high of ₹56,200 last year.

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In global markets, gold prices rose above $1,750 as uncertainty over China’s Evergrande saga boosted the safe-haven appeal of the precious metal. Spot gold rose 0.5% to $1,757.79 per ounce. A downtick in US dollar also helped support gold. The dollar index was today down 0.12% to 93.22.

Reports over the weekend said that Chinese authorities had ordered local housing chiefs to put Evergrande’s cash in ringfenced accounts to make sure it is used to pay to complete construction projects.

But an uptick in US treasury yield capped the rise in the precious metal. US benchmark 10-year Treasury yields hit their highest since early July, increasing the opportunity cost of holding the non-interest bearing gold.

Gold could see choppy movement in near term but direct break of $1725 would trigger major liquation pressure in coming sessions, says Geojit.

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Inflows into gold ETFs remained subdued. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings increased 0.1% to 993.52 tonnes on Friday from 992.65 tonnes on Thursday.

Among other precious metals, silver rose 0.9% to $22.61 per ounce. For silver, “a direct rise above $23.20 is needed to continue upticks. Else, selloffs likely for the day,” Geojit added.

Gold traders will be closing watching Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen’s testimony at a Senate Banking Committee hearing on Tuesday. On the same day, European Central Bank President Christine Lagarde will be speaking at an event.

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