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Gold February futures contracts at MCX opened higher on Tuesday and were trading at Rs 78,850 per 10 gram around 9:45 am, which was up by 0.39% or Rs 306 while silver March futures contracts were trading higher by 0.68% or Rs 622 at Rs 92,064/kg.
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Gold Tips Today: gold and silver remains under pressure as gold February futures contracts at MCX extended losses on Wednesday, opening flat at Rs 76,852 per 10 gram, which is down by 0.02% or Rs 19 while silver March futures contracts were trading at Rs 90,700/kg, down by 0.19% or Rs 175.
Gold prices fell for the third day in a row, declining by ₹1,470 per 10 grams in early trade on Wednesday, November 13, due to a stronger US dollar in global markets. The American currency traded near three-month high levels ahead of the key inflation data which could give cues about possible rate cuts by the US Federal Reserve.
One of the reasons why India and Indians weather global economic crises better than their global peers is due to their significant gold holdings. Gold tends to do well or at least offers a store of value during economic calamities. Whether it was the Great Financial Crisis of 2007-08 or the COVID-19 catastrophe, if you had gold in your portfolio.
Israel-Iran war: Despite short-term blips, gold price has been on the rise since October 2022. The yellow metal has delivered a staggering return of 33 percent over the last one year in rupee terms, far outperforming the Nifty 50. The broader equity market index could gain only 27 percent.
Financial markets in the US will remain closed in observance of the Labor Day holiday on Monday. On Tuesday, the ISM Manufacturing Purchasing Managers Index (PMI) for August will be featured in the US economic docket. Investors expect the headline PMI to edgehigher to 47.8 from 46.8 in July. A reading above 50, which would suggest that the business activity in the manufacturing sector recovered back into the expansion territory, could provide a boost to the USD with the immediate reaction and weigh on Gold.
Gold MCX Tips Today: Going by gold’s current market performance, it sure appears that the bullion is riding low. As of yesterday, August gold contracts on MCX (Multi-commodity exchange) fell 0.4 percent to reach Rs 47,732 per 10 gram.
Gold prices witnessed a massive plunge in the past week and dropped to Rs 48,702 per 10 gram on the last trading day of the week. On Friday, gold prices registered a steep fall of Rs 519 on the MCX exchange, while the gold futures price of April 5, 2021, was closed at Rs 48,715 per 10 grams with a decline of 514 rupees on MCX on the last trading day of the week.
Gold ETFs : Economic downturn due to coronavirus pandemic and weakness in the US dollar encouraged investors to infuse a whopping Rs 6,657 crore in gold exchange-traded funds in 2020.