HIGHLIGHTS

• Gold is retailing at Rs 47,935 on the MCX.
• Silver stands at Rs 67,587 on the domestic market on Tuesday.
• Both the metals are trading on the lower side of the MCX today.

On Tuesday, both gold and silver prices are trading on the lower side of the Multi Commodity Exchange (MCX). Witnessing a dip of Rs 171 or 0.36 per cent, gold futures maturing on October 5 stand at Rs 47,935 per 10 grams on the MCX.

Meanwhile, silver futures maturing on September 3 are retailing at Rs 67,587, recording a marginal dip of Rs 364 or 0.54 per cent.

Yesterday, while gold stood at Rs 47,951 per 10 grams, silver futures maturing on September 3 was at Rs 67,812 per kg, after witnessing a slight hike of Rs 33 or 0.05 per cent.

Gold and silver prices on the international market:

As per Reuters, gold prices inched lower on Tuesday as investors avoided taking big positions ahead of key U.S. non-farm payroll data due later this week, an important parameter to determine the U.S. Federal Reserve’s future policy stance.

Spot gold fell 0.1 per cent to $1,810.96 per ounce by 0348 GMT, while U.S. gold futures dropped 0.5 per cent to $1,813.40. Kyle Rhoda, an analyst at IG Market said, “There’s a lot of spare capacity in the labor market… If there’s the sense that the Fed will continue to keep policy settings accommodative medium to longer-term, that’s a really good dynamic for gold prices, especially if we see inflation expectations remain relatively elevated.”

“In less than a week, gold has gone from a potential breakout and breakdown candidate on the charts to a buy the dips, sell the rallies market,” Avtar Sandu, a senior commodities manager at Phillip Futures, said in a note.

“Gold futures are practically moving along a flat 200-day EMA which is further indicative of a consolidating market.”

The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund fell 0.2% to 1,029.71 tonnes on Monday, indicative of sentiment. Silver fell 0.5 per cent to $25.30 per ounce.

Gold and Silver prices in India: