1. Home
  2. Business
  3. Gold price today slips below Rs 48,000, silver declines too

Gold price today slips below Rs 48,000, silver declines too

By Saima Siddiqui 
Updated Date
Gold price today slips below Rs 48,000, silver declines too

New Delhi: The Gold February contract on Wednesday opened at 47,977 per 10 grams against the previous close of 47,949 while silver slipped further. March contract on MCX opened in red at 62,120 a kg, down by Rs 106 from the previous close of 62,226.

Also Read :- Gold price today drops to lowest in nearly 2 months, silver rates fall too

International gold, however, moved up marginally at the opening on Wednesday. Comex gold inched up to quote at $ 1815.2 at the opening, as against previous close of $1814.6.

Comex Gold stays above $1800

CME gold Futures opened marginally up at $1815.2 an oz (a troy ounce is equal to 31.1 grams) in the early trades on Wednesday. Gold has recovered from the intra-day lows of $1798.2 reported on Monday.

Gold maintained steady movement amidst growing concerns on the spread of Omicron-led Covid-19 infections and their possible economic impacts.

Also Read :- Gold price tumbles down ₹9,000 from all-time highs, silver slumps too

The most active comex Silver March contract opened above $23 levels on Wednesday. CME Silver March Futures were last quoted at $23.005 an oz at the opening trades on Wednesday.

MCX Gold opens positive

MCX Gold February Futures opened positive with marginal gains but slipped into the red within an hour of trades on Wednesday. The yellow metal was last quoted at 47,936 per 10 grams, down 13 at 10.06 am Wednesday. The Open interest for the February contract was 7,890 lots on Wednesday.

MCX Silver Futures too slipped further after opening in the red. Silver March contract was last quoted at 62,113 a kg, down 113 at 10.06 am on Wednesday. The open interest was recorded at 11,308 lots in the early trades on MCX.

Spot Gold loses Rs 48000 levels

Also Read :- Gold price remain volatile, falls sharply today for third day in a row

Spot gold slipped below 48,000 levels amidst a lack of investor interest for the safe-haven asset. Gold in the spot market was last quoted at 47,967 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) on Tuesday.

Spot Silver is quoted at 61,496 a kg, further down from the levels of 62,000.

Meanwhile, analysts expect MCX Gold to hover between 47,638-48,152, while silver prices are likely to move between 61,175-62,885 on Wednesday.

Further reading:
For the latest news and reviews, follow us on Facebook and Twitter ...