Gold, silver prices swing; 24-carat gold at Rs 1,48,000 per 10 grams on MCX

Gold prices continue to see sharp swings. The market was closed for two days over Saturday and Sunday. Before that, the futures price of 24-carat gold on the Multi Commodity Exchange (MCX) had risen 0.35 per cent, or Rs 511, to Rs 1,48,000 per 10 grams. It had closed at Rs 1,47,489 per 10 grams on the previous trading day.

According to bullion market data, 24-carat gold is priced at Rs 1,48,280 per 10 grams. In the international market, gold has risen to $4,186.70 per ounce. In Delhi's bullion market, 99.9 per cent pure gold is selling at Rs 1,49,900 per 10 grams inclusive of all taxes. The price of 24-carat gold has been recorded at Rs 1,47,810 per 10 grams by GoodReturns.

Gold has been rising across the world, but the pace of increase in the domestic market was largely contained by the strength of the Indian rupee. The rupee improved against the US dollar, so imported gold became somewhat less expensive. As a result, there was no major one-sided rise in spot prices. Over the whole week, gold has seen a net correction of Rs 4,500, or 3 per cent, and silver a net correction of Rs 13,500, or 6 per cent.

According to IBJA, the morning gold rates per 10 grams are: Rs 146514 for 24-carat, Rs 135927 for 22-carat, Rs 109886 for 18-carat and Rs 85711 for 14-carat.

Among cities, the price of 24-carat gold today is Rs 147660 per 10 grams in Mumbai, Pune, Nashik, Kolhapur, Sangli, Jalgaon, Nagpur and Chhatrapati Sambhajinagar.

Vikram Subburaj, CEO of Geotus.com, said that after gold fell to Rs 1.49 lakh per 10 grams and silver to Rs 2.15 lakh per kg, precious metals have tried to recover their losses. According to him, the rupee's sustained strength put a limit on this recovery.

Praveen Singh, head of commodities at Mirae Asset Sharekhan, said on the outlook that traders are keeping a close watch on crude oil prices. Gold is therefore expected to trade in a limited range with a mildly rising trend.