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Gold Trades In Favorable Area, Set To Stay Above Rs 47,000 Mark

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Gold Rate Today: Domestic spot gold opened at Rs 47,781 per 10 grams on FridayGold Cost In India: Gold futures traded higher on Friday, July 9, as the yellow metal traded in favorable territory matching global trends.

Gold prices in international markets also edged greater and are set for their third straight weekly gain.

On the Multi Commodity Exchange (MCX), gold futures due for an August 5 delivery, were last seen trading greater by Rs 60 - or 0.13 per cent - at Rs 47,781, compared to their previous close of Rs 47,721.

Silver futures due for a September 3 shipment were last down 0.37 per cent at Rs 68,705 against a previous close of Rs 68,962.

Domestic area gold opened at Rs 47,781 per 10 grams on Friday, and silver at Rs 68,212 per kg - both rates leaving out GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

In global markets, gold rates surged as concerns over the rapidly spreading out Delta variant of COVID-19 and a drop in U.S.

Treasury yields lifted the safe-haven metal's demand.

The benchmark U.S.

10-year treasury yields decreased near more than a four-month low, decreasing the chance cost of holding the non-interest-bearing gold.

What experts state: Ravindra Rao, Head Product Research Study at Kotak Securities: COMEX gold trades marginally higher near $1804/oz after a 0.1 per cent decrease the other day.

Gold trades higher supported by safe-haven buying in the middle of growth and virus concerns, weaker US dollar, and lower bond yields.

Nevertheless, weighing on rate is Fed's tightening expectations and continuing ETF outflows.

Gold might remain choppy near $1800/oz as safe-haven buying will be countered by Fed's rate hike expectations.

Mr Amit Pabari, MD, CR Forex: The gold rates are flirting near $1800 mark as the stronger dollar is capping the advantage around $1815-$1820 zone.

Risk-off sentiment on increasing Delta alternative cases worldwide and US yield being sold-off in recent days is chasing the need for gold at lower levels.The moving theme from 'increasing US Inflation' to 'worries over US development' is calling the need for safe-haven currencies more rather than a safe-haven possession like gold.A stronger US dollar on account of risk-off belief is likely to hammer non-yielding assets.

Broadly, momentums in the gold costs are most likely to stay blended to bearish with an expected short-term series of $ 1750- $1834.

Kshitij Purohit, Product Manager, Currency - & Commodities, CapitalVia Global Research Limited: On the domestic front, MCX Gold August gave a space up opening but is trading with minimal unfavorable predisposition.

Market rallied more than 500 points but might sustain at greater levels, resulting in a close near the previous session's opening rate.

We may anticipate an increase throughout the evening hours where 48100-48200 levels might be evaluated.

MCX Silver is likewise producing lower highs.

We might anticipate a minimal decrease in prices in the evening session.

Meanwhile, in an early trade session, the rupee snapped its losing streak and increased four paise to 74.67 against the United States dollar.

Global oil standard - Brent crude futures declined 0.05 per cent to $74.08 per barrel.




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