Gold price edges lower to settle at Rs 48,702/10 gm, silver plunges by Rs 1,703 a kg
Gold prices slumped to Rs 48,702 per 10 gram on January 15 as participants increased their short position as seen by the open interest. The precious metal ended with a loss of Rs 116 or 0.24 percent for the week.
The yellow metal slipped in three out of five trading sessions on the MCX.
Gold price edges lower to settle at Rs 48,702/10 gm, silver plunges by Rs 1,703 a kg
Patel expects gold prices to trade sideways to down for the short term with COMEX spot gold having resistance near $1,870 per ounce and support at $1,800 per ounce.
Gold prices slumped to Rs 48,702 per 10 gram on January 15 as participants increased their short position as seen by the open interest. The precious metal ended with a loss of Rs 116 or 0.24 percent for the week.
The yellow metal slipped in three out of five trading sessions on the MCX.
The bullion metal price was pressured by gains in dollar, rising bond yields, strong US Industrial Production, and rising inflation expectations.
In the retail market, the bullion metal closed at Rs 49,327 per 10 gram on Friday, up 0.65 percent on rupee depreciation and a selloff in equity markets but declined Rs 1,094 or 2.17 percent during the week in the domestic market. The premium charged by dealers over official domestic price dropped to $0.5 per troy ounce this week from $1.5 last week as the high price kept customers away.
The rate of 10 gram 22-carat gold in Mumbai was Rs 45,184 plus 3 percent GST, while 24-carat 10 gram was Rs 49,327 plus GST. The 18-carat gold quoted at Rs 36,995 plus GST in the retail market.
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