Gold swings through the day, falls in the morning and recovers after noon; MCX at Rs 1,49,861

Gold prices continue to move up and down. On Tuesday, prices fell as soon as the market opened, but the market recovered after noon and prices began rising again.

On the Multi Commodity Exchange (MCX), 24-carat gold futures rose 0.36 per cent, or Rs 545, to Rs 1,49,861 per 10 grams. The previous trading day, the price had closed at Rs 1,49,316 per 10 grams. According to bullion data, 24-carat gold is priced at Rs 1,49,940 per 10 grams, while in the international market gold has risen to $4,173.70 per ounce.

In the bullion market, gold fell by Rs 200 on Tuesday, and the price, inclusive of all taxes, came down to Rs 1,49,600 per 10 grams. According to GoodReturns, the rate for 24-carat gold is Rs 149170 per 10 grams. Customers can check the latest rates by carat in their own city.

According to the IBJA, the morning gold rates are: 24-carat Rs 148473, 22-carat Rs 136001, 18-carat Rs 111355 and 14-carat Rs 86857 per 10 grams. The rate for 24-carat gold is Rs 149170 per 10 grams in all cities, including Mumbai, Pune, Nashik, Nagpur, Kolhapur, Jalgaon, Sangli and Chhatrapati Sambhajinagar.

Silver prices are also fluctuating. After the market opened on Tuesday, prices fell but began rising again after noon. On MCX, silver futures rose 0.08 per cent, or Rs 183, to Rs 2,26,270 per kg. In the previous session, silver had closed at Rs 2,26,087 per kg. According to bullion data, the silver rate is Rs 2,26,490 per kg, while in the international market it has reached $61.29 per ounce. In the Delhi bullion market, silver held at Rs 2.27 lakh per kg, inclusive of all taxes, for the second straight session. According to GoodReturns, the silver price is Rs 2,35,000 per kg.

According to traders, gold prices in the local market stayed within a fixed range. Demand from jewellery makers and retailers was sluggish, so there was no major movement in precious metal prices. Saumil Gandhi, senior analyst (commodities) at HDFC Securities, said gold prices stayed steady in the local market because of strength in foreign markets. However, a stronger dollar limited the gains.

According to Praveen Singh, commodities head at Mirae Asset Sharekhan, a slight fall in crude oil prices lifted spot gold marginally to $4,157 per ounce. Amid economic and political concerns in the euro zone, the US dollar index crossed the 102.50 level and reached its highest since April 10.

Dhruv Joglekar, assistant fund manager at Monarch PMS, said gold is well placed to stabilise and then gain further. According to him, factors such as clarity on US inflation data, the traditional rise in real demand during the key festive months of October and November, and demand from central banks could support gold in the coming period.