Gold futures are likely to trade with a bullish bias as long as they hold above Rs 51,535 in the entire month of July; Silver futures could decline towards Rs 53,850.
In Chennai, 10 gram of 24-carat and 22-carat gold is trading at Rs 52,280 and Rs 47,920 respectively
Meanwhile, silver prices also rise by Rs 400 per kg, with the precious metal trading at Rs 59,000
Gold domestic futures jumped by about 3 per cent to over Rs 52,000 per 10 gram in initial trading
Last year, the government had cut the tax on gold imports to 7.5% in the Union Budget
Spot gold was down 0.2% at $1,804.26 per ounce, as of 0258 GMT, after hitting an over six-week low of $1,801.50 in the previous session. U.S. gold futures dipped 0.1% to$1,805.00
Gold prices fell by Rs 110 in Friday's early trade from the previous day's rate, with 10 gram of yellow metal (24-carat) trading at Rs 50,890
Gold slipped on Thursday, heading for its worst quarter in five as a hawkish tone from global central banks dimmed appeal for the non-yielding asset
(Reuters) - Gold slipped on Thursday, heading for its worst quarter in five as a hawkish tone from global central banks dimmed appeal for the non-yielding asset.
Silver is trading at Rs 59,400 per kg
In Delhi, Kolkata, and Bangalore, 10 gram of 24-carat gold is trading at Rs 51,980
Spot gold was flat at $1,817.01 per ounce by 0615 GMT. U.S. gold futures were little changed at $1,816.90
Gold prices in a shaky situation as price hikes have created recession concerns among investors
Spot gold fell 0.2% to $1,817.00 per ounce by 0920 GMT, holding a tight range between $1,814.30 - $1,822.76. U.S. gold futures were down 0.2% to $1,817.60.
Spot gold was up 0.1% at $1,821.57 per ounce by 0254 GMT. U.S. gold futures firmed 0.1% at $1,823.10
Although gold is considered a hedge against inflation and economic uncertainties, rate hikes dim bullion's appeal by increasing the opportunity cost of holding the asset which pays no interest.
Spot gold held its ground at $1,824.51 per ounce, as of 0246 GMT. U.S. gold futures were flat at $1,824.50
"The G7 import ban on Russian gold seems to be providing some short-term support in early Asia (trading)," OANDA senior analyst Jeffrey Halley said
Gold futures need to break above Rs 51,300 for fresh gains to emerge, on the downside break of Rs 50,300 can trigger a slide to Rs 49,400-odd level.
Silver, unchanged on Monday, is trading at Rs 59,800 per kg