Gold prices today fall after two days of gains, silver rates decline
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Gold prices fell in India today after two days of gains. Profit-taking at higher levels, steady global rates and a higher rupee pushed the price of the yellow metal slightly lower today. On MCX, April gold futures were down 017% to ₹40,587 per 10 gram, after bullion gained 0.4% in the previous session. Silver rates inched lower to ₹45,780 per kg. Meanwhile, rupee inched higher to 71.31 per dollar today.
MCX gold is lower since the rupee has appreciated, said Jigar Trivedi, research analyst at Anand Rathi Shares.
“Even after sharp rise in dollar, the downside in the yellow metal is limited since not only SPDR Gold ETF the total gold backed ETFs have witnessed a record inflows due to fears of slowing global economy and investors are also anticipating stimulus from US Fed and ECB,” he added.
In global markets, gold prices were steady at $1,576.76 per ounce. The risk-averse sentiment in the market supported gold amid mounting death toll from the coronavirus.
Among other precious metals, palladium was little changed at $2,423.89 an ounce while silver rose 0.2% to $17.67.
Adding to the geo-political tensions in the Middle East, the head of the Iran’s elite Revolutionary Guards said on Thursday that the country is ready to strike the US and Israel if they give it any reason to do so.
Gold is often seen as an alternative investment during times of political and financial uncertainty. China’s economy is expected to grow at the slowest rate since the financial crisis in the current quarter, according to a Reuters poll of economists.
Analysts expect gold prices to remain range-bound, drawing support on the downside from the safe-haven appeal of the metal amid coronavirus scare.
Gold can move towards ₹40,800 while taking support near ₹40,400 while silver can move towards ₹46,100 while taking support near ₹45,500,
Indicative of the investor demand, gold exchange-traded funds or ETFs in India saw a a net inflow of ₹200 crore in January, the highest infusion in seven years. It was also the third consecutive monthly inflow in gold exchange-traded funds. (With Agency Inputs)
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