Gold, Silver Price today: Gold and silver prices rose in domestic markets on Tuesday, reflecting gains in international markets. Gold futures for delivery in October rose a whopping 0.33 percent to Rs 47,320 per 10 grams on the Multi Commodity Exchange (MCX). In the spot market, 24 karat gold was sold at Rs 47,547, 22 karat purity gold was priced at Rs 43,553, 18 karat gold was priced at Rs 35,660 per 10 grams and 14 karat gold was priced at Rs 27,815 per 10 grams , according to the India Bullion & Jewelers Association (IBJA).
In international markets, gold prices rose Tuesday, supported by a sluggish dollar as investors look ahead to US nonfarm salary data that could be key to the US Federal Reserve’s decision to wind down stimulus.
Spot gold rose 0.3 percent to $1,815.16 an ounce at 9:25 a.m. US gold futures rose 0.3 percent to $1,817.40.
The dollar index plunged to a new two-week low, continuing the declines after Fed chief Jerome Powell’s mild remarks at the Jackson Hole symposium last week, where he gave no clear signal about the central bank’s declining timeline.
COMEX gold is trading marginally higher near $1815/oz after falling 0.4 percent yesterday. Gold has come off the highs but remains supported by disappointing economic data, rising concerns about the virus, China’s crackdown and geopolitical tensions related to Afghanistan. On price is relative stability in stock markets and continued outflows from ETFs. Gold may falter as market players may remain noncommittal pending the US jobs report, but mounting challenges to the global economy could support the price,” said Ravindra Rao, head of commodities research at Kotak Securities.
Meanwhile, silver outperformed gold in the domestic markets as the price of silver futures for delivery in September rose a whopping 0.85 percent to Rs 63,558 on the Multi Commodity Exchange.