On Monday, both gold and silver are trading on the lower side of the MCX. Witnessing a downfall of Rs 100 or 0.21, gold futures maturing on December 3, 2021, are trading at Rs 46,950 per 10 grams on the MCX.
Meanwhile, recording a dip of Rs 60 or 0.10 per cent, silver futures, maturing on December 3, 2021, are trading at Rs 61,500 per kg.
Gold and Silver in international market
As per Reuters, gold prices were flat on Monday after weak jobs growth numbers failed to temper expectations that the U.S. Federal Reserve would start paring its stimulus this year.
Meanwhile, spot gold was flat at $1,757.71 per ounce by 0326 GMT. Prices hit a two-week high of $1,781.20 on Friday after the payrolls data but pared gains during the session.
On the other hand, U.S. gold futures inched 0.1 per cent higher to $1,759.40. “The payrolls data is not going to do anything to stop the Fed from tapering… Labor shortage is feeding into higher wage pressures and that could exacerbate inflation even further, which will mean that they’ll eventually have to step in,” said IG Market analyst Kyle Rodda.
According to Reuters, the dollar index was steady, while benchmark U.S. 10-year Treasury yields touched their highest level since early June on Friday, increasing the opportunity cost of holding non-interest bearing gold.
Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.2% to 985.05 tonnes on Friday from 986.54 tonnes on Thursday. Spot silver rose 0.3 per cent to $22.72 per ounce.
|CITY||GOLD (per 10 grams,22 carats)||SILVER (per kg)|
|NEW DELHI||Rs 46,060||Rs 61,700|
|CHENNAI||Rs 44,910||Rs 65,800|
|MUMBAI||Rs 45,940||Rs 61,700|
|KOLKATA||Rs 46,400||Rs 61,700|