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Gold, Silver Rates Edge Greater On Worth Buying

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Gold futures for delivery in August rose as much as 1 per cent.Gold, Silver Price Today: Gold prices edged higher on Friday mirroring gains in international markets as investors resorted to value buying at dips.

Gold futures for delivery in August rose as much as 1 per cent to hit an intraday high of Rs 47,387 per 10 grams on the Multi Commodity Exchange.

In spot market fine gold or 24 carat gold was retailed at Rs 47,560 per 10 grams, gold with 22 carat purity was priced at Rs 45,940, 18 carat gold was retailed at Rs 38,050 and 14 carat gold was priced at Rs 31,630, according to India Bullion and Jewellers Association (IBJA)."COMEX gold trades 0.5 per cent higher near $1783/oz after a sharp 4.7 per cent decline yesterday when it slumped to April lows.

Gold has edged up on dip buying and pause in US dollar's recent gains, renewed virus concerns and mixed economic data.

However, weighing on price is Fed's monetary tightening expectations and weaker investor interest as is evident from ETF outflows.

Gold is seeing some relief rally however general bias may remain on downside unless the US dollar corrects sharply," Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities told TheIndianSubcontinent.In international markets, Gold rose on Friday, but was headed for its worst week since March 2020 after the US Federal Reserve's hawkish message on monetary policy lifted the dollar higher and dented the safe-haven metal's appeal.Spot gold was up 0.6 per cent at $1,784.16 per ounce, as of 8:30 am.

However, prices have fallen nearly 5 per cent so far this week.US gold futures gained 0.5 per cent to $1,783.20.The Fed on Wednesday signalled it would be considering whether to taper its asset purchase program meeting by meeting and brought forward projections for the first post-pandemic interest rate hikes into 2023.Following hawkish comments from Fed officials, the dollar jumped to a two-month high and was on track for its best week in nearly nine months, while U.S.

benchmark 10-year yield rose.Back home, silver was also witnessing buying interest as Silver futures for delivery in July advanced as much as 1.24 per cent at Rs 68,440 per kilogram.

In spot market, silver was retailed at Rs 69,520 per kilogram.




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