Gold slips ahead of Dussehra, MCX 24-carat at Rs 1,47,310 per 10 grams
Gold futures on the MCX fell 0.41 per cent by evening after an early rise, giving buyers a good opening for Dussehra purchases.
Images are not validated/verified
The gold market has been seeing sharp swings of late. When trading resumed today after two days of weekly closure, gold prices rose at the start but slipped again towards the evening. This has given buyers a good chance to buy gold on the Dussehra muhurat. Silver also fell, to Rs 2,08,750 per kg.
On the Multi Commodity Exchange (MCX), 24-carat gold futures were down 0.41 per cent, or Rs 608, at Rs 1,47,310 per 10 grams by evening. The previous trading day, the price had closed at Rs 1,47,918 per 10 grams. The spot price of 24-carat gold is Rs 1,47,600 per 10 grams, while gold in the international market has reached $4,163.80 per ounce.
According to GoodReturns data, 24-carat gold is recorded at Rs 1,48,190, 22-carat at Rs 1,35,850 and 18-carat at Rs 1,11,180 per 10 grams.
According to the IBJA, the morning gold rates per 10 grams were Rs 1,45,944 for 24-carat, Rs 1,33,685 for 22-carat, Rs 1,09,458 for 18-carat and Rs 85,377 for 14-carat.
Among cities, the price of 24-carat gold today is the same in Mumbai, Pune, Nashik, Nagpur, Kolhapur, Jalgaon, Sangli and Chhatrapati Sambhajinagar, at Rs 1,48,040 per 10 grams.
Market experts have also weighed in. Vikram Subburaj, chief executive officer (CEO) of Giottus.com, said gold and silver prices had earlier fallen sharply and the market is now showing some recovery. After falling to Rs 1.49 lakh per 10 grams for gold and Rs 2.15 lakh per kg for silver, both are trying to make up their losses. According to him, the continued strength in the Indian rupee is holding back this rise to some extent.
According to Praveen Singh, head of commodities at Mirae Asset Sharekhan, gold prices could trade in a range with a mild upward bias in the coming period. Investors will also be watching crude oil prices to gauge the market's direction.
The Indian rupee has strengthened against the US dollar for the sixth straight trading session. On Friday it closed 7 paise higher at 94.92 to the dollar. Steps taken by the Reserve Bank of India (RBI) to rein in spot demand for the US dollar have given the rupee major support.
The rupee's strength could directly affect gold prices as well. India imports a large part of the gold it needs. A stronger rupee can lower the cost of gold imports, which makes it very likely that the rise in domestic prices will stay limited.
